Bitcoin has lost the $80,500 support level that underpinned its trading range for months, and one analyst warns the next stop could be as low as $60,000. After a brief climb toward $83,000 in May that fizzled out, the cryptocurrency is now trading above the mid-$70,000 region — but the analyst says that level is not a durable floor.
Support flips to resistance
The $80,500 zone had been the backbone of Bitcoin's price action for months. But after it broke down, the same area turned into resistance. The analyst sees this as a sign of buyer exhaustion and increased seller aggression. A rally that briefly pushed above $83,000 earlier this month didn't hold, creating what the analyst calls a bull trap — a move that lured in buyers before reversing.
Previous failures at $97,000 and $83,000
This isn't the first time Bitcoin has failed to sustain a rally. The analyst points to earlier failed attempts near $97,000 and, more recently, $83,000. Those breakdowns are viewed as evidence of weakening momentum. Each failure makes it harder for bulls to reclaim higher ground.
Downside target: $60,000 to $62,000
The analyst identifies a downside target between $60,000 and $62,000, tied to a Fibonacci extension level around $60,000. The advice is blunt: don't buy at current prices. Wait for a drop into that region before considering a position. The analyst does not consider the mid-$70,000 area a reliable floor, meaning further losses could be ahead.
The next concrete test will be whether Bitcoin can hold above $70,000 or if selling pressure pushes it toward the $60,000 zone in the coming weeks.
