After BTC fell below $60k, can the bulls still hold? Focus on these three levels today!

Today, Bitcoin has once again fallen below the $60k mark, briefly dipping to around $59.8k, with market panic sentiment heating up significantly. Over the past 24 hours, BTC has dropped nearly 2%, with a cumulative decline of nearly 5% over the past 7 days.

What's more noteworthy is that the market downturn is not solely driven by technical factors, but is the result of multiple factors working together.

First, spot BTC ETFs have recently seen sustained capital outflows, with a decline in institutional risk appetite, exerting significant pressure on the market.

Second, a large number of leveraged longs have been liquidated around the $60k level. Data shows that in the last 24 hours, the scale of BTC long position liquidations far exceeds that of shorts, indicating that many traders have been forcibly closed out while trying to bottom-fish.

Three key levels to watch today

First support: $60,000

This is the most important psychological level at present.

If BTC can firmly reclaim $60,000 and close above this level on the 4-hour timeframe, short-term panic sentiment may ease.

Second support: $58,500

If $60,000 is lost, $58,500 will become the next critical line of defense.

If it breaks below here, the market may continue to seek a new equilibrium zone.

First resistance: $62,500

To regain strength, BTC first needs to reclaim the area around $62,500.

Only with a volume-driven breakout and a stable hold above $62,500 can the market have a chance to further challenge the $64,000 area.

My view

I won't easily short here.

The reason is simple:

When the market enters a phase of "extreme fear," it often means short-term volatility will significantly increase, and the risk of shorting also rises simultaneously.

Similarly, I won't rush to bottom-fish.

Since the trend has not yet been confirmed, the safest strategy remains to wait for the price to firmly reclaim key support, or to wait for a breakout above resistance levels before considering trend-following trades.

Trading is not about who enters faster, but about who makes fewer mistakes.

If you were trading today, which would you choose?

A: Start bottom-fishing now

B: Continue to wait and confirm

C: Consider after breaking below $58,500

Feel free to share your thoughts in the comments.

$BTC ‌#BTC下探60000美元关键关口