- Bitcoin price fell below $61,000 amid heavy selling pressure.
- Traders are watching $62,000 as the key recovery level.
- Loss of recent lows could expose support near $58,000.
Bitcoin price slipped below the $61,000 mark after another wave of selling pressure hit the crypto market. The decline follows a warning from analyst Crypto Patel, who previously highlighted a bearish chart structure on the daily timeframe. At press time, Bitcoin price traded at $60,608.10, down 2.69% over the past 24 hours.
The latest move extends an already severe correction. Bitcoin has lost more than 50% from its October 2025 peak and remains one of the weakest-performing major digital assets over the past month. Trading volume exceeded $70 billion, reflecting elevated activity despite the typical slowdown seen during weekends.
Bitcoin Price Retests Key Levels After Steep Correction
According to Crypto Patel, Bitcoin price continues to follow a pattern similar to a previous bearish channel formation. His analysis compared two parallel channels with similar structures and touchpoints, suggesting downside risk remained elevated.
The broader market has felt the impact. Bitcoin price is down roughly 17% over the past seven days and nearly 25% over the last month. The decline has broken several important support zones and triggered billions of dollars in leveraged liquidations.
Market capitalization has also dropped to around $1.22 trillion. While volatility remains high, traders are paying close attention to historical support levels that previously attracted buyers during periods of panic selling.
Bitcoin Price Faces Crucial Battle Between $62K and $58K
Current technical conditions place Bitcoin price near the February capitulation zone. Analysts view this area as a critical test for market sentiment.
The immediate focus remains the $62,000 level. A successful recovery above that mark could force short sellers to cover positions, potentially creating momentum toward the next major resistance zone near $68,200.
However, downside risks remain significant. Failure to reclaim and hold above $62,000 would leave Bitcoin price vulnerable to another decline. In that scenario, support between $58,000 and $59,000 becomes the next major area to watch.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.