Bitcoin Immediate Support Lost but Consolidation Continues

Bitcoin is currently trading around the $63,000 mark and continues to struggle for any meaningful momentum on the lower timeframes. As highlighted in our previous analysis, price has been consolidating above the $60,000 level following the heavy selling pressure that hit earlier this month. While bears have been relatively quiet over the past couple of weeks, bulls have been unable to capitalize on this respite and mount any significant recovery attempt. Adding to the sluggish price action, the lower timeframes are now showing fresh weakness as Bitcoin appears to be getting pulled down alongside the declining US stock market. Let's take a closer look at the latest Bitcoin charts to see where the price could be headed in the coming days.

Our Bitcoin Price Prediction Summary

• Bitcoin has broken below immediate support and is headed for a retest of $60,000 with added pressure from the declining US stock market.
• The downtrend since October remains intact with price continuing to print lower highs and bulls showing no meaningful strength.
• Weekly RSI is in oversold territory for the first time in years, hinting at short term relief, but the overall bias remains bearish.

Analyzing the Charts

Breakdown Within Consolidation Zone

Looking at the 4-hour chart, Bitcoin is still moving within the broader consolidation zone we highlighted earlier but has now broken below the immediate support level within this range as anticipated. This breakdown appears to be influenced by today's US stock market decline and aligns with our expectation of another retest of the $60,000 support level before any potential resumption of sideways movement. The RSI on this timeframe is also approaching oversold territory once again, which suggests that a clean bounce from $60,000 appears unlikely in the short term unless external factors step in to influence market sentiment. For now, the $60,000 level remains the key support to watch as Bitcoin works through this consolidation phase.

Daily Downtrend Remains Firmly Intact

Shifting to the 1-day timeframe, not much has changed as the broader downtrend remains firmly in place. Bitcoin continues to print lower highs, a pattern that has persisted since October of last year, with bulls struggling to mount any significant pushback throughout this entire period. We are currently expecting some consolidation around the $60,000 level, but given the lack of buying strength and bearish momentum, a further breakdown in the coming weeks appears increasingly likely. If that scenario unfolds, the first major support area we will be watching sits at the $53,000 mark.

Weekly Chart Shows Bearish Structure Persists

The 1-week chart confirms that the bearish divergence we have been tracking for months continues to play out, with Bitcoin remaining below the 50-EMA on the higher timeframes, a characteristic typically seen during bear markets. However, one development that cannot be ignored is the weekly RSI dropping into oversold territory for the first time in years. Historically, this kind of extreme reading has preceded some form of relief, which means we could see a few weeks of stabilization or even a bounce from current levels as we are already anticipating. That said, with the current macro downtrend still intact and bulls showing little to no strength, our overall Bitcoin price prediction remains tilted toward the bearish side for now.

Final Takeaway: What is Next for Bitcoin?

Bitcoin remains in a broader downtrend with the overall structure continuing to favor the bears across all timeframes. In the short term, BTC has broken below immediate support within its consolidation zone and appears headed for another test of the $60,000 level, particularly as weakness in the US stock market adds pressure. The daily chart continues to print lower highs since October with bulls showing no signs of mounting a meaningful recovery. On the weekly timeframe, Bitcoin remains below the 50-EMA while the bearish divergence we have been tracking continues to play out. The one notable development is the weekly RSI hitting oversold territory for the first time in years, which could bring some stabilization or a brief bounce in the coming weeks. However, if the $60,000 support fails to hold, the $53,000 level becomes the next area of interest. For now, our Bitcoin price prediction remains tilted toward the bearish side given the current environment.