Bitcoin (BTC) Price Prediction: BTC on the Brink of Losing $60K Support as Crypto Spot Trading Volume Hits Lowest Since October 2023

The latest downturn comes as activity across centralized exchanges continues to cool, with crypto spot trading volume dropping to its lowest level in more than two years.

The combination of weakening market participation, persistent selling pressure, and deteriorating technical conditions has placed Bitcoin in a critical position. While some indicators suggest the asset may be oversold in the short term, analysts remain focused on whether BTC can defend a level that could determine the market’s next major move.

BTC Price Tests Critical $60K Support

The latest decline has pushed Bitcoin near the $60,000 region after failing to establish a meaningful recovery from recent pullbacks. Market analysts note that several retracement zones that previously attracted buyers have been unable to generate sustained upside momentum.

Bitcoin is testing the $60,000 support level, with a decisive breakdown potentially exposing the next support zone between $54,800 and $52,700. Source: LoFiCharts on TradingView

According to chart observations shared by traders, Bitcoin has already lost important support areas near $73,900 and continues to trade significantly below higher-timeframe resistance levels. The key question now is whether the market can hold the previous swing low around $60,000.

Analysts suggest that a successful defense of this area could trigger a short-term reaction bounce. However, a decisive break below the level would likely confirm a broader structural breakdown and expose Bitcoin to lower support zones between $54,800 and $52,700.

Some traders are also watching for a potential “failed breakdown” scenario, where BTC briefly falls below $60,000 before quickly reclaiming the level. Such moves often trap bearish positions and can lead to temporary relief rallies.

Bitcoin Price Today Remains Under Heavy Technical Pressure

As of the latest market data, Bitcoin was trading near $61,000, reflecting a sharp daily decline and extending its recent downtrend. Technical indicators continue to paint a challenging picture for the market.

Momentum oscillators offer mixed signals. The Relative Strength Index (RSI) has fallen to approximately 15, indicating deeply oversold conditions. Meanwhile, the Stochastic oscillator and Commodity Channel Index (CCI) are showing buy signals, suggesting selling pressure may be becoming exhausted in the short term.

Bitcoin (BTC) was trading at around $60,842, down 4.54% in the last 24 hours at press time. Source: Bitcoin price via Brave New Coin 

However, broader trend indicators remain unfavorable.

The Moving Average Convergence Divergence (MACD) remains in bearish territory, while momentum readings continue to point lower. The Average Directional Index (ADX), near 40, signals that the current trend remains strong despite the oversold conditions.

The more concerning signal comes from Bitcoin’s moving averages. Nearly all major short-, medium-, and long-term moving averages are positioned well above the current market price.

Short-term averages ranging from the 10-day to 50-day periods are clustered between roughly $68,000 and $76,000, creating substantial overhead resistance. Longer-term indicators such as the 200-period EMA and SMA remain even higher, highlighting the extent of Bitcoin’s recent weakness.

From a technical perspective, reclaiming these levels would be necessary to shift the broader trend back toward a bullish outlook.

Crypto Spot Trading Volume Falls to Multi-Year Low

Beyond price action, market participation has also weakened significantly.

Data highlighted by crypto analytics platform CryptoQuant shows that monthly crypto spot trading volume has fallen to approximately $680 billion, marking the lowest level since October 2023.

Crypto spot trading volume has fallen to its lowest monthly level since October 2023, according to CryptoQuant data. Source: @crynetio via X

The decline is substantial when compared with previous cycle highs. Monthly spot volume has reportedly dropped about 67% from its peak near $2.6 trillion, reflecting reduced trading activity across centralized exchanges.

Lower spot volume often signals declining investor engagement and reduced liquidity. While volume contractions do not automatically indicate further price declines, they can make markets more vulnerable to sharp moves when large buy or sell orders enter the market.

The slowdown also suggests that many investors remain cautious amid ongoing macroeconomic uncertainty and the broader correction across digital assets.

Bitcoin ETF Weakness Adds to Market Caution

The weakness has not been limited to the spot market.

The iShares Bitcoin Trust ETF (IBIT), one of the largest spot Bitcoin ETFs, has also experienced notable pressure as Bitcoin prices decline. Recent trading activity has placed the fund near multi-month lows, mirroring the broader weakness in the underlying asset.

IBIT price chart. Source: TradingView

Technical assessments of IBIT continue to show a bearish structure, with the ETF trading below key moving averages and struggling to regain lost momentum.

Market observers note that spot Bitcoin ETFs have become an increasingly important source of institutional demand since their launch. As a result, sustained weakness in ETF performance often reflects broader caution among professional investors.

Bitcoin Price Prediction: Where Could BTC Go Next?

For now, the $60,000 level remains the most important area on Bitcoin’s chart.

A successful defense could provide the foundation for a relief rally, especially given the extremely oversold readings seen across several momentum indicators. However, analysts caution that any rebound would need to reclaim key resistance levels before signaling a meaningful trend reversal.

Bitcoin is consolidating near $60,666 as the broader downtrend persists, with $49,900 identified as the next major psychological support. Source: asilturk on TradingView

If selling pressure continues and BTC loses the $60,000 support zone, technical projections point toward the mid-$50,000 region as the next significant area of interest. Several analysts also identify the broader $50,000 zone as a major psychological support level that could attract long-term buyers.

Despite the recent weakness, market participants continue to monitor macroeconomic developments, ETF flows, liquidity conditions, and on-chain metrics for signs of stabilization.

Until Bitcoin reclaims lost technical structure and trading activity begins to recover, the broader outlook remains cautious. For now, the world’s largest cryptocurrency is approaching a decisive test that could shape the direction of the market in the weeks ahead.