Bitcoin may fall further and retest the $60,000 level after breaking below the important $65,000 support zone, analysts say. The drop comes as global economic uncertainty and geopolitical tensions shake investor confidence.
Bitcoin was trading around $64,846, down 4.6% in 24 hours. The cryptocurrency has also fallen 27% over the past 30 days, marking one of its worst monthly declines in recent years.
Market sentiment has turned extremely negative. The Crypto Fear & Greed Index dropped to just 5, placing it deep in the “Extreme Fear” zone. This shows investors are worried and many are selling their holdings.
Analysts say rising U.S. tariffs and tensions with Iran are putting pressure on risky assets like Bitcoin. Unlike gold, Bitcoin is still behaving more like a high-risk investment rather than a safe haven during global uncertainty.
Breaking below $65,000 is a major warning sign. Experts say Bitcoin now needs to recover above $70,000 to regain strong bullish momentum. Without that recovery, a move toward $60,000 is increasingly likely.
On-chain data also shows heavy losses. Investors realized large losses recently, and selling pressure remains strong. This suggests the market is still going through a correction phase.
However, there is a small positive signal. Data from the Commodity Futures Trading Commission shows large institutional traders are reducing short positions. This could mean some investors expect a future recovery.
Still, analysts warn that risks remain. If key support levels fail, Bitcoin could fall even further, with some predictions pointing to $40,000 as a worst-case scenario.
