Bitcoin has fallen below the $60,000 support level, a critical demand zone. This decline leaves more than 16% of BTC holders in a loss position.
Historically, demand for Bitcoin just below $60,000 has been weak, suggesting continued downward pressure.
“The next major demand zone lies between $40,000 and $50,000.”

Bitcoin, which has decreased by 5.2% in the last 24 hours, continues to be traded at $ 57,354.

Bitcoin has breached its $60,000 support level, a critical demand zone. This move leaves over 16% of BTC holders in a loss position.
Historically, demand just below $60k has been weak, suggesting further downward pressure. The next significant demand zone lies between $40,000

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Bitcoin price struggled to climb above the $67,000 resistance zone. BTC remained in a bearish zone and started a fresh decline from the $66,868 high. There was a move below the $66,500 level.
Besides, there was a break below a connecting bullish trend line with support at $66,500 on the hourly chart of the BTC/USD pair. The pair traded below the 23.6% Fib retracement level of the upward move from the $65,075 swing low to the $66,868 high.
Bitcoin is now trading below $66,800 and the 100 hourly Simple moving average. It seems like the price might soon test the 50% Fib retracement level of the upward move from the $65,075 swing low to the $66,868 high.
On the upside, the price is facing resistance near the $66,500 level and the 100 hourly Simple moving average. The first major resistance could be $66,850. The next key resistance could be $67,000. A clear move above the $67,000 resistance might start a decent increase and send the price higher.

Fear, uncertainty, and doubt (FUD) dominated the cryptocurrency market this week as volatility took over and most cryptocurrencies crashed. Bitcoin (BTC) has also suffered from this bearish sentiment, creating a scenario favoring an imminent short squeeze for the asset.
In particular, the derivatives market open interest (OI) in Bitcoin remains at all-time high levels, as previously reported. On June 15, Finbold retrieved updated data from CoinGlass showing a $34.5 billion OI with BTC at $66,224.

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