Analysts warn prolonged consolidation as BTC fails to hold key moving averages amid macro uncertainty.
Bitcoin fell below the critical $75,000 support level, raising concerns over a potential drop to $60,000. The decline follows seven months of bear market conditions and uncertainty over Federal Reserve interest rate policies.
The cryptocurrency has struggled to maintain dynamic support levels, including the 50-day, 200-day, and 365-day exponential moving averages. Onchain data shows 71% of circulating supply held by long-term investors, reducing the likelihood of a break below $60,000.
Polymarket odds place a 51% chance of Bitcoin hitting $55,000 in 2026, while a 31% probability exists for a fall to $45,000. Traders note BTC has historically rallied for about 90 days after reaching $60,000 lows, signaling potential bull market conditions.