Bitcoin dropped below $60,000 on Thursday, a level that’s acting as a key psychological support, as losses in big-cap tech stocks sapped investors’ appetite for risk and added pressure to an already shaky crypto market.
The decline wiped out Bitcoin’s gains for June and triggered what chart watchers call a bearish reversal setup — one that could push BTC below $54,000 in the coming days.
BTC fell as much as 4.8% on the day, hitting an intraday low near $58,000. The pullback completed what appears to be a rounded top pattern on the four-hour chart. In plain terms, buying momentum faded gradually, flipping the trend from up to down in a dome-shaped structure. The measured downside target from that pattern sits just under $54,000 — roughly an 8.9% drop from current prices.
On the daily chart, Bitcoin also triggered a bear flag breakdown, which independently projects the same move toward $54,000. When two separate patterns point to the same level, analysts tend to take notice.
On-chain data adds weight to the bearish case. Glassnode’s MVRV pricing bands show Bitcoin was trading near $61,000, while the 1.0 MVRV support band sits around $53,400 — very close to the $54,000 technical target. If the selloff deepens, the next major support is the 0.8 MVRV band near $42,700, which historically lines up with bear market bottoms.
