Bitcoin dropped to $59,270 on Tuesday after closing below the critical $60,000 support zone on the weekly chart, flipping what had been a reliable 2026 floor into overhead resistance. The weekly candle breakdown carries significant technical weight, prompting analysts to project a potential 25% further decline toward $45,000, based on the 100% Fibonacci extension of January’s selloff targeting $44,100.
The breach confirms a structural shift, with Bitcoin rejecting an early-week retest of $60,000 from below. An ascending trendline from December 2022 has also given way, reinforcing the bearish case. Immediate downside targets include the summer 2024 lows near $53,700, while a deeper correction could reach the $25,100-$31,500 zone. Bulls would need to reclaim $60,000 and the 200-week EMA around $69,000 to invalidate the bearish setup.
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FXnCO Insight
** Traders should watch $60,000 resistance closely—sustained rejection confirms downside momentum toward $45,000, while reclaim above signals reversal potential.
Source: Finance Magnates