Bitcoin Suffers Major Breakdown Below $60K Support Level

Bitcoin's battle for the $60K region is intensifying after sellers broke through this key support level. The cryptocurrency has lost significant ground, extending its bearish trend and reinforcing a longer-term downtrend.

The recent breakdown of major support zones, including the 200-day moving average around $80K and the 100-day moving average near $74K, has left buyers struggling to defend even the most important psychological levels. The price is currently hovering around $58.7K, a level below the $60K demand zone.

This breakdown increases the likelihood of Bitcoin testing lower liquidity areas, potentially breaking down the channel structure and pushing prices toward the mid-$50K region or as low as $52K. However, on-chain analysis suggests that much of the speculative excess has already been removed, with the Net Unrealized Profit/Loss (NUPL) falling sharply to approximately 0.09.

This historically depressed profitability level could eventually provide a foundation for a broader recovery, but until price reclaims key resistance zones, the technical structure continues to favor sellers.