Bitcoin Holds Near $64K With $60,000 Support in Focus

Bitcoin News

Bitcoin (BTC) is holding near $63,000, defending the $60,000 support that has repeatedly drawn buyers since the June sell-off from its mid-$80,000 highs. The corrective structure remains intact, and while dip buyers keep stepping in at $60,000, their inability to reclaim key resistance keeps the short-term outlook cautious. As of the latest session, the largest cryptocurrency by market value trades in a broad corrective range, with $60,000 standing as its most important line of defense. Follow the full move on our Bitcoin hub. A decisive loss of that floor would shift momentum firmly back toward the sellers.

On the daily timeframe, Bitcoin remains structurally weak. Price is still trading below its 100-day and 200-day moving averages, sitting near $70,000 and $73,000 respectively, and both averages are sloping lower to reinforce the prevailing downtrend. The most recent recovery attempt failed to reclaim the former breakdown zone around $66,000, leaving that level as first major resistance. Above it, a significant supply band near $74,000 aligns with the falling 200-day average. As long as Bitcoin trades beneath these levels, every rally risks renewed selling pressure, and the market stays vulnerable to another rejection within the broader bear market structure.

The four-hour chart shows Bitcoin consolidating after its sharp decline from the $74,000 region, trading inside a wide descending channel while printing successive higher lows above $61,000 support. Immediate resistance sits at $66,000, where a horizontal ceiling intersects the channel trendline — a confluence bulls must clear before any stronger recovery can develop. On the downside, $61,000 has withstood repeated tests and now acts as the first line of defense; losing it would expose a demand zone near $58,000. The compression between rising lows and fixed resistance typically resolves with a volatile expansion, making the $66,000 breakout the decisive near-term trigger to watch.

Momentum readings underline the market's indecision. The relative strength index (RSI), which measures the speed of price changes on a zero-to-100 scale, is oscillating near the neutral 50 mark, suggesting bearish momentum is fading without buyers taking clear control. A confirmed break above both the descending channel trendline and $66,000 resistance would improve the short-term picture and could open a move toward the $72,000 to $74,000 band. Until that happens, the path of least resistance stays sideways to lower, and each advance is likely to meet fresh supply from traders trapped during the earlier decline from higher levels.

On-chain data delivers a more cautionary signal. The 30-day exponential moving average of the long-term holder SOPR — a metric that gauges whether coins are being sold at a profit or a loss — has slipped below the critical 1.0 threshold. Readings under 1.0 mean these investors, defined as wallets holding for more than six months, are realizing losses on average. The break points to a growing cohort of seasoned Bitcoin holders entering a capitulation phase, selling despite being underwater. That deterioration in long-term holder conviction marks a notable shift in sentiment across the market's most patient participants.

Historically, extended stretches below the 1.0 SOPR level have coincided with the later stages of correction cycles, when experienced holders capitulate before a more durable bottom forms. The current reading suggests the market may be entering a deeper redistribution phase rather than an immediate reversal. Should the metric quickly recover above 1.0, it would signal the latest wave of capitulation was temporary; a sustained hold below it would point to continued weakness. In that scenario, a break of the pivotal $60,000 support would put the next major downside target near $55,000 squarely into focus for traders positioning around the range.

Our reading of COINOTAG's proprietary 42-indicator composite scoring engine rates the $63,757 support at 86/100 (strong), driven by the confluence of a high-volume node, the Ichimoku Tenkan line and a Fibonacci 0.236 retracement, while the $65,020 resistance scores 70/100 on the EMA 50, an ATR upper band and Supertrend. Derivatives data shows a positive perpetual funding rate of 0.0047%, $12.4 billion in open interest and a long/short account ratio of 1.67, with 62.5% of accounts positioned long. Yet the Fear and Greed Index reads 25 (Extreme Fear) and Bitcoin dominance near 69.8% keeps altcoins pressured. The bullish case needs a close above $65,020; losing $62,058 support (67/100) would invalidate it and open $57,800.