Bitcoin price stalls at the $72,000 resistance level, losing a key support. Is $60,000 the dividing line between bulls and bears?
February 28 News: Bitcoin’s price faced resistance again near the $72,000 upper boundary, failing to break through effectively, and the short-term trend has turned weaker. Previously, selling pressure appeared around $69,000, indicating that supply above remains ample, and the range-bound structure has not been broken.
From a technical perspective, $72,000 coincides with the high point of the value area, serving as the current major resistance level. The recent rebound did not fully test this area before quickly retreating, reflecting insufficient buying momentum. Subsequently, the price broke below the Point of Control (POC), a key level representing the highest trading volume in the range, signaling that the market is beginning to accept lower prices and strengthening the structural bearish signals.
(Source: TradingView) Meanwhile, Bitcoin’s four-hour closing price continues to stay below the midpoint of the range, further confirming a short-term weakening trend. Generally, if the price cannot regain above the range’s midpoint, the market is more likely to move toward lower liquidity zones. The current lower boundary of the range is around $60,000, which is both a recent low and an important psychological level.
Despite ongoing capital inflows into the US spot Bitcoin ETF and Citigroup’s plan to launch a Bitcoin-integrated crypto asset custody service in 2026, trading volume has not supported the price rally, and the rebound lacks volume confirmation. The divergence between institutional allocation trends and short-term technical structures is evident.
From a market structure perspective, Bitcoin continues to form lower highs within the range. If it cannot quickly recover the POC and re-enter above the range midpoint, bulls will struggle to rebuild their advantage. Once the $60,000 support is effectively broken, it could trigger a deeper correction and release new downward momentum.
Currently, Bitcoin’s price remains at a critical juncture. The $60,000 level will be an important test of demand strength. Until bulls regain control of the core trading volume area, short-term risks remain skewed to the downside.
Related Articles
Iran is hit by US and Israel airstrikes! Bitcoin drops sharply, approaching $63,000
[Summary] Israel and the U.S. launch a sudden airstrike on Iran... Cryptocurrency market evaporates 140 billion within 15 minutes
Former Mt. Gox CEO proposes hard fork to recover $5.2 billion USD worth of Bitcoin from the 2011 theft
Bitcoin price drops over 4% after Israel attacks Iran, cryptocurrency market capitalization shrinks by 5.5%
Whale "pension-usdt.eth" Faces $3.3M Loss on Bitcoin Long Position After Israel-Iran Conflict
Bitcoin Drops Below $64,000 as Israel Launches Strikes on Iran