Bitcoin tests $60K after bearish breakdown

• Bitcoin (CRYPTO:BTC) confirmed a bearish head-and-shoulders pattern after breaking below US$63,000 support.
• More than US$600 million in crypto liquidations and continued Bitcoin ETF outflows added to selling pressure.
• Traders are closely watching the US$60,000 to US$60,600 support zone as a key level for Bitcoin's next move.

Bitcoin (CRYPTO:BTC) fell from an intraday high near US$64,500 to a low of US$61,990 on June 23, confirming a bearish head-and-shoulders breakdown that has increased pressure on the US$60,000 support area.

The decline coincided with falling oil, gold and silver prices following reports of progress in United States-Iran negotiations, while weakness in artificial intelligence and semiconductor stocks also weighed on broader risk sentiment.

“Immediate support at US$60,587 must hold to maintain the current trend, and a break below it opens a path to US$46,702,” said cryptocurrency analyst Ali Martinez.

Crypto derivatives markets recorded more than US$600 million in liquidations during the selloff, while spot Bitcoin exchange-traded funds continued one of their longest outflow streaks of the year and Coinbase premium data remained negative.

Technical indicators show Bitcoin trading below the neckline of a completed head-and-shoulders pattern near US$63,000, with chart projections pointing to a potential target near US$57,500 if support levels fail; following the decline Bitcoin traded around US$62,000.

Market participants are also monitoring uncertainty surrounding Iran negotiations, the Strait of Hormuz and expectations that the Federal Reserve could maintain higher interest rates for longer.

Analysts remain focused on the US$60,000 to US$60,600 support zone, with a recovery above US$63,000 potentially weakening the bearish setup, while a break lower could expose the June low near US$59,000 and the projected US$57,500 target.

At the time of reporting, Bitcoin price was $62,840.81.