Is Bitcoin Price Finally Heading Below $60,000? Here’s What Technical Charts Show

Bitcoin (BTC) price has dropped roughly 9% since briefly touching $72,000 on March 25, erasing all 30-day gains and entering negative territory at -2.6% over the month. It is currently trading flat over the past 24 hours near $66,900. The decline produced a bearish breakdown of a pattern on the 12-hour chart. However, a hidden bullish divergence suggests a short-term bounce is possible. Whether that bounce has enough fuel to clear the overhead supply depends on the on-chain data. Head and Shoulders Breaks Down on the 12-Hour Chart The 12-hour BTC price chart shows a head and shoulders pattern that has been developing since late February. The neckline sat near $67,700, and the breakdown happened on March 27. BTC Head and Shoulders Breakdown: TradingView Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here. On paper, the pattern’s measured move points to a 12% correction from the neckline. If realized, that would push Bitcoin price below the $60,000 psychological mark, targeting the $59,400 zone. However, the Relative Strength Index (RSI), a momentum oscillator, offers a counter-reading. Between February 28 and March 27, the price formed a higher low while the RSI formed a lower low. That hidden bullish divergence, which typically hints at trend continuation rather than reversal, has already produced a 1.87% bounce from the recent low. RSI Hidden Bullish Divergence: TradingView The divergence suggests the floor near $65,000 may hold temporarily. However, the bounce faces a wall of supply directly overhead, and the whales who would normally push through it are not providing enough conviction. Over 6% of Supply Sits Between $66,900 and $69,400 The UTXO Realized Price Distribution (URPD), a Glassnode metric that maps the price at which Bitcoin’s current supply was last transacted, reveals three dense clusters directly above the current price. At $66,900 (close to the current price), roughly 2.37% of the total supply last...