Bitcoin faced familiar turbulence as a swift price drop saw it struggle to hold key support levels. Despite a push to $70,000, BTC quickly fell back to $66,500, continuing a pattern of volatility that has become all too familiar.

The latest move saw Bitcoin fall by nearly 6% in just a few hours, spurred by $2 billion worth of BTC leaving a wallet linked to the United States government. This transaction contrasted sharply with recent pledges from presidential candidates to build a Bitcoin strategic reserve.

William Clemente, co-founder of the crypto research firm Reflexivity, noted the timing was “not a coincidence,” predicting a short-term flush and summer ranging before an eventual upward trend.

Keith Alan, co-founder of Material Indicators, expressed hope for a recovery that would protect a rising trendline on daily timeframes. He argued that for BTC to reach higher levels, particularly $72,000 and beyond, bulls need to flip the previous all-time high of $69,000 into firm support. “That’s the HH that bulls need to take out before BTC is positioned to go after the ATH,” Alan wrote.

Popular trader Roman focused on near-term price targets, predicting potential drops to $60,000. He suggested that hitting such levels could trigger a short squeeze, allowing BTC to return to the upper part of its trading range. “Eyeing price targets of 64 & 60k respectively. Showing bear divs with a possible DT reversal setup,” he confirmed. “My bet is sentiment gets ultra bearish at these levels then we full send up once again.”

In his analysis, trader Mark Cullen pondered whether Bitcoin would hold a key trendline and golden zone retrace, or bounce for a lower high and roll over to range lows.

Onchain analytics platform CryptoQuant noted increasing withdrawals from exchanges, with contributing analyst CryptoOnchain observing a rise in the mean amount of BTC per transaction. “The increase in Bitcoin outflow can be a positive sign regarding the possibility of price increase and break-up of the fluctuation area in the future,” they wrote.

SOURCE: Bitcoin Traders Eyeing $60K as Bears Trigger Fresh Price Rejection