Bitcoin is fighting at $60,000—this is what the charts say

Wall Street turned green today, with the Nasdaq up 1.4% and the S&P 500 up 0.8%, after President Trump’s attempt to fire Federal Reserve Governor Lisa Cook was blocked by the Supreme Court and a ceasefire between the US and Iran eased tensions near the Strait of Hormuz.

Risk assets rose, but Bitcoin barely reacted. BTC has fallen about 53% from its all-time high of $126,198 in October 2025, and has just recorded consecutive quarterly losses similar to the 2022 bear market.

Macro background is useless. The Spot Bitcoin ETF shed about $4 billion in June, stripping it of institutional bids that had cushioned previous drawdowns. The Fed, under Kevin Warsh, remains hawkish, with markets pricing in an 80% chance of a rate hike in December.

Bitcoin price: What the daily chart tells us

Bitcoin opened at $59,473 on the daily chart on Monday, fell to a session low of $58,801, but has since recovered to trade around $60,104, a move of +1.06%.

That bounce was no accident. The $58,035 level is the anchor for the entire bearish Fibonacci leg measured from the June high of $67,253 and holds as a horizontal support line. A bull invaded the area today. The question is how many times can you do it?

The average daily directional index (ADX) is 36.9. ADX measures the strength of a trend, regardless of its direction, and anything above 25 indicates a real, solid trend.

The RSI (Relative Strength Index, which measures buying and selling momentum on a scale of 0 to 100) is 34 daily. This is in bearish territory, just above the 30 level, which usually indicates oversold conditions. Oversold indicators could attract bargain hunters and trigger a bailout rally, but at 34 years old, Bitcoin has not yet reached its bottom. The pressure is clearly downward.

The picture for exponential moving averages is uniformly bearish. The 50-day exponential moving average (EMA) is located at around $66,913 and is currently well above the price, acting as an overhead resistance level. The 200-day EMA is even higher at about $76,517. If the price falls below both moving averages, 50 and 200 (a configuration traders call a death cross), it indicates that both medium and long-term trends are to the downside. That’s exactly what the daily chart shows right now.

The bigger picture is even harder to ignore. On Myriad, a prediction market created by Decrypt’s parent company Dastan, traders are pricing in an 80% chance that Bitcoin will fall to $55,000 instead of skyrocketing to $84,000.

Not good news for the perpetual bull crew.

Overall, the 4-hour chart may look a little more interesting for traders with shorter time horizons, considering Bitcoin is in a compression zone. Bitcoin price is compressed between approximately $59,200 and $60,400, and the squeeze is still “on” on that time frame, barely maintaining positive momentum (+0.26).

This makes prices predictable as long as compression continues. Using 5x leverage, each round trip around the $1,200 band yields a yield of approximately 21.1% on your reinvested funds, turning $1,000 into nearly $2,000 in a few cycles with manageable risk. That’s the deal while compression is maintained. It disappears immediately if it falls below $59,200.

In case of a breakout of $58,035, the daily chart does not provide any meaningful support until the $55,528 price line. This would be pretty close to the Doom of Myriad scenario. For bulls, the first real target on the recovery is the Fibonacci golden zone between $62,644 and $63,732 on a daily basis, which needs to be regained before we can even start talking about a trend reversal.

Above that, there is a downtrend line near $65,000. If we clear both, we will see the 50-day EMA at $66,913. This is a level Bitcoin has not traded close to in over a month.