Bitcoin slipped below the $60,000 level on Wednesday, hitting a two-week low as selling pressure intensified across global risk assets.

The cryptocurrency briefly traded near $59,700, marking its weakest level in weeks and extending a recent downward trend that has seen traders reassess short-term momentum in the market.

Despite the decline, market participants remain divided on the next move. Many traders are still positioning for a short-term relief rally of around 10–15%, which could push Bitcoin back toward the $65,000–$70,000 range if support near $60,000 holds.

Market outlook: support still in focus

Analysts say Bitcoin is currently trading in a range-bound structure, with:

• Key support near $60,000
• Resistance around $70,000

The latest drop is being described as a liquidity-driven pullback, fueled by high leverage and cautious macro sentiment rather than a fundamental shift in trend.

Prediction markets and trading desks continue to assign meaningful odds to a rebound scenario, with traders expecting that oversold conditions could trigger a short-term bounce if buyers step in at current levels.

Macro pressure remains

Broader financial markets have also been mixed, with risk appetite constrained by uncertainty around inflation data, interest rate expectations, and uneven equity performance.

US stocks opened largely flat to slightly lower, reflecting cautious sentiment across investors despite ongoing geopolitical developments that have had limited impact on crypto markets so far.

What traders are watching next

Market attention is now focused on whether:

• Bitcoin can hold above $60K and stabilize
• Or break lower, which could open the door to deeper losses toward $55K–$58K zones

For now, analysts describe the move as a correction within a wider consolidation phase, rather than a confirmed long-term trend reversal.