Selling pressure intensifies after Bitcoin fails to break above $70,000 again; warning of a retest of $60,000

Bitcoin has repeatedly failed to break above the $70,000 level, raising the possibility of another drop toward $60,000.

According to Cointelegraph on the 11th (local time), Bitcoin (BTC) slid to as low as $65,800 intraday, falling below key short-term trendlines. Analysts say the year-to-date low of $59,800 recorded last week may not be the ultimate bottom.

The report noted a clear liquidity void between $66,000 and $60,500. This indicates that buy orders waiting on the sidelines are relatively thin, meaning price could move through that zone quickly. CoinGlass data show that around $60,500 there is a build-up of leveraged long liquidations worth $350 million.

Technically, bearish signals have also emerged. On the hourly chart, Bitcoin is trading below the 50- and 100-period exponential moving averages, and the relative strength index (RSI) remains below 50, indicating limited buying pressure. A pattern of repeatedly lower highs has formed in the $70,000 to $72,000 resistance zone.

Crypto trader Husky said, "Price is slipping below the anchored VWAP drawn from last week’s low of $59,800," adding, "If it fails to quickly recover above $68,000, it may retest the lower end of the range between $60,000 and $72,000."

Market analyst EliZ said, "Bitcoin is moving sideways within a descending channel around $66,500," and assessed that "if this area breaks, the likelihood increases of revisiting $60,000 after testing support at $63,400 to $64,600."

Overall, the broader structure favors bears in the near term. Analysts say that if failures to reclaim $70,000 persist, the market may again move to confirm liquidity around the $60,000 area.