Bitcoin (BTC) Price Threatened to Break Below $60,000? Here’s the Technical Analysis and Whale Behavior!

Jakarta, Pintu News – The price movement of Bitcoin (BTC) is back in the spotlight after experiencing a sharp decline in recent days. After touching the $72,000 level on March 25, Bitcoin price has now corrected about 9% and erased all gains over the past 30 days.

Currently, Bitcoin is trading flat around $66,900, raising concerns of a potential further decline. Will Bitcoin price really break below $60,000? Here’s a full review based on technical analysis and the latest on-chain data.

Head and Shoulders Pattern Analysis: Signaling a Deeper Correction?

On the 12-hour chart, the head and shoulders pattern that has been forming since late February is the main concern of analysts. The neckline of this pattern is around $67,700, and the breakdown confirmation occurred on March 27.

In theory, this pattern indicates a potential correction of 12% from the neckline, which means Bitcoin’s price could drop to the $59,400 zone. If this scenario materializes, then Bitcoin (BTC) will return below the psychological level of $60,000 for the first time since last February.

However, the Relative Strength Index (RSI) indicator gave a different signal. In the period from February 28 to March 27, the price formed a higher low while the RSI recorded a lower low. This phenomenon is known as a hidden bullish divergence, which usually signals a potential continuation of the uptrend in the short term. This divergence has triggered a price bounce of 1.87% from the recent low, although it still faces major challenges at the immediate resistance area.

Read also: 3 Potential Altcoins that were Talked About in Early April 2026

Strong Supply Zone: Tough Challenge in $66,900 – $69,400 Range

Data from Glassnode’s UTXO Realized Price Distribution (URPD) shows three large clusters of Bitcoin supply above the current price. At $66,900, about 2.37% of the total Bitcoin supply last changed hands. While at $68,100 and $69,400, 1.96% of the supply was also recently traded. In total, about 6.29% of Bitcoin’s supply is concentrated within a $2,500 range above the current price, creating a very strong wall of resistance.

This supply cluster is a major hindrance as many Bitcoin holders who bought at that price are now at breakeven. They tend to sell when the price rises slightly to avoid further losses.

Whale behavior also reinforces these concerns, where the largest group of owners (100,000 – 1 million BTC) reduced holdings from 675,200 to 670,000 BTC on March 24, or down 5,200 BTC. Meanwhile, the middle group (10,000 – 100,000 BTC) remained relatively stable at 2.25 million BTC, and the small group (1,000 – 10,000 BTC) only added a small amount of holdings.

Also read: April 2026 Bitcoin Price Prediction: BTC in Freefall, Can it Break $80,000?

Critical Level of $66,600: Next Direction Determinant

The $66,600 level is a crucial limit that will determine the direction of Bitcoin (BTC) movement in the near future. If the price is able to stay above this level, then the selling pressure from the supply cluster has not been fully triggered.

The potential for a bounce to the $68,700 to $70,000 area is still open, but it will have to cross three very congested resistance zones. A rise below $70,000 remains at risk of further selling pressure, especially if not supported by accumulation from large whales.

On the other hand, if the price of Bitcoin (BTC) fails to hold above $66,600, then the chances of a drop to $65,200 and $63,300 increase. If the selling pressure continues, the head and shoulders pattern correction target of $59,400 becomes very likely. A drop below $60,000 would be a key moment that could trigger a further sell-off in the crypto market. For now, the $66,600 level is the dividing line between a potential limited rebound and the risk of a deeper breakdown.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying and selling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• BeInCrypto. Bitcoin Price Risks $60,000 Breakdown: What’s Next?. Accessed on March 30, 2026
• Featured Image: Generated by Ai