Bitcoin has been rejected near the top of its trading range, and analysts warn the structure now points to a possible drop toward $60,000.
At press time, Bitcoin is struggling after failing to hold gains near the $69,000–$72,000 resistance zone. The rejection at the range high confirms that sellers are still active, preventing a clean breakout.
Technical analysts say the $72,000 area aligns with the value area high of the current range. Price attempted to push into that zone but lacked strong volume. Sellers stepped in quickly, forcing a pullback and reinforcing the broader range-bound environment.
Another bearish signal came from the loss of the Point of Control (POC), the level with the highest traded volume in the range. When price falls below this level and stays there, it suggests the market is accepting lower prices. Bitcoin has also slipped under the range midpoint on the four-hour chart, which often signals deeper downside rotation.
The structure now shows lower highs forming inside the range. Without reclaiming lost volume support, upside momentum remains weak. Analysts say markets that fail to break resistance often move back toward the lower boundary to search for liquidity.
That puts $60,000 in focus. This level marks the bottom of the broader range and a key support zone. A move toward that area would complete another full rotation within the consolidation pattern.
If $60,000 fails to hold, it could trigger a stronger bearish move and open the door to deeper losses. For now, traders say Bitcoin remains vulnerable while it trades below the range mid and POC, with short-term momentum favoring the downside.
