How Low Could Bitcoin Drop If It Loses the $60,000 Level

Bitcoin (BTC) is recording its worst weekly performance since November 2022, with weekly declines reaching 15% by Friday. After dropping to $61,000, the cryptocurrency is currently trading around $62,500. A recovery of approximately $1,500 indicates that "bulls" are still attempting to defend the psychologically important $60,000 support level. According to Cointelegraph.com reports .

Analyst Radz believes that even if Bitcoin falls below $60,000, it could quickly recover due to strong demand. The expert notes that in the worst-case scenario, the price could drop to $55,000. The primary reason cited is the 200-week simple moving average (200-day SMA), as this level has historically served as the strongest long-term support zone.

Historical data shows that retests of the 200-week SMA level in 2019, 2020, 2022, and 2023 marked the lowest points before strong recovery phases. For example, in February 2023, after Bitcoin tested this line, the price rose by more than 37%. Currently, BTC is attempting to stabilize above this important line for the second time.

However, the "bear flag" pattern in technical analysis suggests that the correction could extend below $55,000. As of Friday, BTC broke below the lower line of this pattern, and increased trading volume indicates strong pressure behind this move. If the decline continues, the next major target is expected to be the horizontal support zone around $50,000–$51,000.