Bitcoin Rejected at $70K: Is $60K Support Next?

The recent price action for Bitcoin (BTC) has been defined by a clear and decisive rejection at the $70,000 threshold. On the daily timeframe, this failure to hold above a key psychological level allowed sellers to regain control, pushing the BTC/USDT pair below recent daily lows. This breakdown underscores the persistent presence of sellers at higher price levels and highlights the fragile nature of recent recovery attempts. With the price slipping back under its short-term structure, the market is currently lacking strong bullish momentum, suggesting Bitcoin is likely to remain in a broader consolidation phase between the $60,000 support zone and the $75,000 resistance area.

A more granular view on the 4-hour chart reveals the mechanics of this bearish shift. Following a sharp bounce from the $60,000 low, Bitcoin had been compressing inside a symmetrical triangle pattern. This structure has now resolved decisively to the downside, with the price breaking below the ascending support trendline and accelerating lower. This technical breakdown confirms short-term bearish continuation and shifts the market’s focus back toward the lower boundary of the broader demand area. Any potential rebound toward the underside of the now-broken triangle support, or toward the prior supply region between $74,000 and $76,000, would likely be viewed as a corrective retest unless buyers can generate substantial follow-through.

Sentiment analysis, particularly through the lens of the liquidation heatmap, provides critical context for the current price pressure. The data shows a dense cluster of liquidity above the current price, concentrated around the $69,000 to $70,000 region. This zone acted as a magnetic point during recent consolidation, absorbing price multiple times before the latest drop. Its continued presence highlights how overhead liquidity is actively capping upside attempts, reinforcing the resistance level that sparked the current sell-off.

Conversely, the heatmap indicates lighter liquidity bands have formed below the market in the $62,000 to $65,000 range. The recent sharp downward move tapped into part of this liquidity pocket, triggering liquidations and fueling the observed volatility. The persistence of remaining liquidity beneath the current price suggests that further sweeps lower cannot be ruled out, especially if bearish momentum persists. Overall, Bitcoin is now positioned between significant overhead liquidity acting as resistance and lower liquidity pockets that may attract price downward in the short term.

The confluence of technical breakdowns and liquidity positioning paints a cautious short-term picture for Bitcoin. The market’s structure currently favors sellers, with the failed compression pattern and rejection at $70,000 establishing a clear bearish narrative on lower timeframes. The interaction with the identified liquidity zones, combined with the broader bearish channel structure, will be paramount in determining whether Bitcoin finds stability above $60,000 or extends its corrective phase deeper.

For traders and investors, the key takeaway from this BTC price analysis is the establishment of a well-defined range. A decisive breakout beyond either the $60,000 support boundary or the $75,000 resistance area will be required to establish the next sustained directional move. Until such a breakout occurs, continued rejection near the $70,000 liquidity cluster keeps the immediate bias cautious. The risk of a deeper correction toward the $60,000 support level remains palpable, contingent on whether the market can defend the lower bounds of the current consolidation zone or succumbs to further selling pressure attracted by the liquidity pools below.