$BTC Price Analysis: The Reason Behind BTC’s Crash to $60K Today - CoinTelegraph Analytics

On the daily chart, BTC dropped below the key $64K level and the 200-day moving average. The $60K support is holding, but with the RSI below 50%, momentum is turning bearish, making a drop to $56K possible.

On the 4-hour chart, a bearish shift in market structure is evident as BTC broke a key bullish trendline. Although the price bounced at $60K and the RSI shows an oversold condition, a deeper correction toward $57K is likely unless BTC quickly recovers above $64K.

Bitcoin's open interest remains high despite the price drop, suggesting no long liquidation cascade has occurred yet. A capitulation event could trigger a rapid crash, pushing the price toward $50K if the decline continues.