Bitcoin's price decline prompts analysts to warn of possible $60K retest

Bitcoin's price has been on a downward trend for five consecutive months, with the asset experiencing significant losses. The $65,000 support level, which was previously seen as key psychological and technical support, has been breached, leaving many wondering if Bitcoin will retest the $60,000 mark.

The Crypto Fear & Greed Index has fallen to 5, indicating extreme fear in the market. This is reflected in the price action, with Bitcoin down 27% in the past 30 days and posting five straight monthly declines.

Analysts are divided on whether this decline will continue or if a base formation is underway. Some, like Caroline Mauron of Orbit Markets, believe that the market remains fragile and that traders are closely watching the $60,000 support level. Others, such as Rachael Lucas of BTC Markets, suggest that Bitcoin would need to reclaim $70,000 to restore bullish momentum.