BTC Bears Eye $60K Following Today’s Sudden Drop: Bitcoin Price Analysis

Bitcoin’s price has failed to make a new all-time high and is currently going through a correction. Yet, the bull market might still be far from over.

On the other hand, a drop below the $65K zone would likely lead to a further downtrend toward the $60K support level and, potentially, the 200-day moving average, located around the $57K mark.The price has been forming a falling wedge pattern on the 4-hour timeframe. It recently tested the lower boundary of the pattern around the $65K zone.

Miners have realized their profits during the recent Bitcoin uptrend. However, following the breakout above the $40K level, the selling pressure has increased significantly.

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