Bitcoin has fallen below $60,000, confirming an additional downside signal on the chart.

On June 25, local time, Cointelegraph reported Bitcoin slid to as low as the $58,000 level intraday, giving up all of its gains for June. Technical analysis pointed to around $54,000 as the next downside level.

The $60,000 level, seen as a key psychological support, has broken. Weakness in large technology stocks also dampened investor sentiment toward risk assets broadly. Downward pressure increased further in an already uneasy crypto market.

On the chart, a rounded top pattern on the 4-hour timeframe was interpreted as having formed. This pattern appears when buying momentum gradually weakens and an uptrend turns into a downtrend. If the price breaks below the neckline that had acted as support, a downside target can be calculated, and for Bitcoin that level was put just below $54,000. Based on the current price, that implies room for about an additional 8.9 percent decline.

A daily-chart breakdown from a bearish flag pattern was also confirmed at the same time. This secondary pattern also set the $54,000 area as a downside target. With two different patterns pointing to the same price zone, the bearish scenario has gained weight.

On-chain indicators also pointed to a similar zone. Glassnode’s MVRV price bands compare the market price with the realised price, or the average price when coins last moved on-chain, to show whether the market is typically in a profit or loss zone. As of June 24, Bitcoin was around $60,997, and the 1.0 MVRV band formed near $53,390. That value almost overlaps with the $54,000 target from chart analysis. The market sees this zone as an important support level if Bitcoin’s decline continues.

Still, the possibility of deeper selling remains. The 0.8 MVRV band sits near $42,700. This zone was presented as the area where major bear-market lows formed in the past. It is also described as a zone where unrealised losses swell sharply and the risk of capitulation increases, making it a price level the market may watch if Bitcoin’s decline becomes prolonged.

In this situation, the near-term focus is narrowing to whether the $54,000 level holds. If Bitcoin fails to confirm support in this zone, market attention could shift more quickly to below $50,000 and toward the $42,700 area. If it limits losses in the currently indicated downside zone, this drop could still be interpreted as a check of a technically oversold area formed after the break below $60,000.