Analyst: The likelihood of Bitcoin dropping back to $60,000 is increasing

On February 12, according to Cointelegraph, Bitcoin dropped to $65,800 on Wednesday, falling back below the key intraday trend line, which raised concerns that last week’s dip to $60,000 might not be the final bottom. Analysts stated that as the liquidity gap in the $66,000 to $60,000 range widens, the possibility of Bitcoin retesting the annual low of $59,800 is increasing. After multiple rejections near the resistance zone of $70,000–$72,000, Bitcoin has formed a series of lower highs. The Relative Strength Index (RSI) is trending toward oversold territory, and the price is trading below key moving averages. The liquidation heatmap shows a lack of liquidity around the $60,500 range, indicating that downside risk remains. As the overall market structure begins to weaken, if Bitcoin cannot quickly rebound above $68,000, downside risk will increase, and the price could further decline toward the support level near $65,000. Currently, traders expect Bitcoin to remain within a broad range of $60,000 to $72,000. Similarly, market analyst EliZ pointed out that Bitcoin is consolidating within a descending channel around $66,500. If it breaks below this level, the price could drop to the support zone of $63,400–$64,600, increasing the likelihood of retesting $60,000.