Bitcoin Tests Critical $64,000 Support Amid Cascading Liquidations

Cryptocurrency markets are facing intense downward pressure, with Bitcoin testing a major technical floor around the $64,000 to $65,000 range. According to analysis shared on TradingView, this critical threshold sits at the convergence of a weekly head-and-shoulders pattern neckline and an upward trendline originating in 2023. Analysts point out that recent price drops are largely driven by long liquidations and leveraged wipeouts rather than aggressive short-selling or heavy volume, compounded by thin liquidity during weekend trading sessions.

Technical Indicators Signal Further Risk

Under the hood, market metrics suggest the correction may not have reached its bottom. The weekly Relative Strength Index (RSI) remains above oversold territory, indicating that sellers retain room to maneuver before strong institutional or retail buying steps in. Meanwhile, the four-hour chart demonstrates sustained downward momentum without visible signs of exhaustion. Should Bitcoin break below the $64,000 support level on a weekly close, subsequent downside targets include minor support zones at $54,000 and $45,000, alongside a longer-term trendline near $34,000 originating from 2020.

Market observers note that extreme bullish sentiment among retail influencers near recent price peaks served as a classic contrarian warning sign. Experts advise caution and patience, recommending that investors wait for genuine capitulation, confirmed buying volume, and clear technical signs of bullish divergence before attempting to re-enter positions.

What to watch next: Monitor the weekly close relative to the $64,000 threshold and watch for spikes in buying volume that would indicate capitulation is complete.