An analysis says bitcoin could slide to around $50,000 if it fails to hold the $60,000 support level.

According to blockchain media outlet Cointelegraph on June 5 (local time), bitcoin is down about 16 percent for the week, its weakest weekly performance since November 2022.

Bitcoin fell as far as $61,000 intraday and is now trading around $62,000. A rebound has shown buying interest defending $60,000 as a psychological support level, but the chart still shows downside pressure remains, the analysis said.

Analyst Raz said bitcoin could briefly dip below $60,000, but stronger buying could flow in afterward. Citing the 200-week simple moving average (SMA), he presented $55,000 as the worst-case lower-end scenario.

The 200-week moving average has also acted as a long-term support zone for bitcoin in the past. Retests in 2019, 2020, 2022 and 2023 led to major lows, and bitcoin rose more than 37 percent after confirming that support line again in February 2026. Bitcoin is now being tested for the second time this year on whether it can hold above that line.

Other technical signals point to lower levels. On the weekly chart, a bearish flag pattern has entered a mature stage, and bitcoin has already broken below the lower trendline. Rising volume has also signalled a stronger downside break. If the pattern holds, a downside target is suggested around $50,000 to $51,000.

That zone also overlaps with an existing horizontal support line. If bitcoin fails to reclaim the bearish flag's lower trendline in the next few days, the market is likely to view that price range as the next major support.

On-chain indicators point to a similar range. On Glassnode's MVRV price bands, bitcoin's realised price is shown around $53,740. The realised price refers to the average price at which bitcoin supply last moved on-chain. In past correction phases, this level has served as a major support line.

In the same indicator, another key zone is suggested around $50,560. In that range, bitcoin could be perceived as more undervalued based on on-chain valuation. As a result, the $50,000 to $54,000 range has become a support area where chart patterns and on-chain indicators overlap.

On medium- to long-term charts, a larger decline is also being mentioned. On the weekly chart, the possibility of a cup-and-handle breakdown is emerging. Bitcoin formed a rounded top and then tried to rebound in the handle zone, but is now weakening again where the bottom of the handle, the 200-week moving average and the $60,000 support level converge.

If that zone breaks clearly, the pattern implies a downside target of $33,000. In the short term, whether $60,000 holds and whether the 200-week moving average is maintained are expected to be key turning points. If the area holds, demand could flow in around $55,000, but if the downside break continues, market focus could shift to support in the $50,000 range and the weekly-chart target of $33,000.

The analysis shows that whether $60,000 holds is a turning point that could split bitcoin's short-term direction and its weekly-chart structure. It also suggests that the overlap between chart patterns and on-chain indicators in pointing to similar support zones will be a key focus for the market.

"Accumulate as much Bitcoin as possible. I don't expect it to go much lower, $55k at the worst. https://t.co/qWobSpcteX"