Will Bitcoin price finally fall below $60,000? What the technical chart shows

Bitcoin ($BTC) The price briefly reached $72,000 on March 25th and has since fallen about 9%, erasing all 30 days of gains and moving into negative territory -2.6% for the month. It is currently trading flat at around $66,900 over the past 24 hours.

This decline broke the bearish pattern on the 12-hour chart. However, a hidden bullish divergence suggests a possible short-term rebound. Whether that bounce has enough fuel to clear the overhead supply depends on on-chain data.

Head and Shoulders Breakdown on 12 Hour Chart

12 hours $BTC The price chart shows a head and shoulders pattern that has been developing since late February. The neckline was near $67,700, and the breakdown occurred on March 27th.

Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

On paper, the measured movement of the pattern shows a 12% correction from the neckline. If that happens, Bitcoin price will fall below the psychological mark of $60,000 and target the $59,400 zone.

However, the momentum oscillator, the Relative Strength Index (RSI), provides an opposite reading. From February 28th to March 27th, the price formed higher lows and the RSI formed lower lows.

This hidden bullish divergence typically signals trend continuation rather than a reversal, and has already produced a 1.87% rebound from recent lows.

This divergence suggests that the floor around $65,000 may hold temporarily. But Bounce faces a wall of supply right above it, and the whales that would normally break through it don’t give it enough confidence.

Over 6% of supply is between $66,900 and $69,400.

UTXO Realized Price Distribution (URPD) is a Glassnode metric that maps the price at which Bitcoin’s current supply last traded, revealing three dense clusters just above the current price.

At $66,900 (close to current price), approximately 2.37% of the total supply last traded. There is an additional 1.96% on $68,100. And on $69,400 it’s another 1.96%. In total, approximately 6.29% $BTC Supply is concentrated in the $2,500 range, just above the price Bitcoin is currently trading at.

These clusters act as resistance, as holders who bought at these prices and are currently sitting near the break-even point will tend to sell on the rebound to exit with minimal losses.

The whales’ behavior confirms how alarming the situation is in these Bitcoin supply zones right now. Largest cohort with 100,000 to 1 million people $BTC On March 24, their stash was reduced from 675,200 to 670,000. $BTC Drop it.

The mid-tier cohort (10,000 to 100,000 people) experienced dips and recoveries, ending almost flat at 2.25 million. Only the smallest whale layer (1,000 to 10,000) added slightly, increasing from 4.21 million to 4.22 million.

The net effect across all three cohorts is a modest increase of approximately 4,800 people. $BTC. But the prospects for a conviction are weaker than the numbers suggest.

The largest wallet with the most influence on market movements reduced its exposure by 5,200. $BTC. Minimum tier is 10,000 $BTC Additions do not offset it in terms of directional impact, as distributions for large shareholders historically precede further weakening, while accumulations for smaller tiers often reflect buy-in that is absorbed by overhead supply.

This means that any pullback from the hidden bullish divergence is likely to stall within the $66,900 to $69,400 range (supply warning previously highlighted).

Bitcoin price prediction and $66,600 line

Bitcoin’s most direct decision level is $66,600. Anything above that means the immediate supply cluster has not yet triggered large sales. A rebound from here could bring it closer to the psychological levels of $68,700 and $70,000.

However, you must clear all three supply clusters to win $70,000. Given the weak whale confidence, a pullback below $70,000 is still at risk of a new selling wave. The bearish structure will only weaken above the right shoulder height of $72,000.

On the downside, losing $66,600 opens the door to $65,200 and $63,300. Below that, a head-and-shoulders measured move of around 12% targets the $59,400 zone, sending Bitcoin below $60,000 for the first time since the February lows.

At the moment, $66,600 separates a shallow rebound toward $69,400 from a measured move below $60,000.

The post Is Bitcoin price finally below $60,000? The following technical chart appeared first on BeInCrypto.