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Bitcoin Tests $60K as Extreme Fear Returns Bitcoin fell 3.2% to $60,300, testing the critical $60,000 support zone as crypto sentiment dropped into Extreme Fear. Key driver: Market-wide deleveraging and panic selling, with $420M in long liquidations across major exchanges accelerating the decline. Why $60K matters: • The level aligns closely with Bitcoin's long-term 200-week moving average, a historically important support zone. • Holding above $60K could signal a local bottom and open the door for a rebound toward $68,200. • Losing $60K would increase the risk of a deeper correction toward $55K and potentially lower. Bullish signals emerging: • Weekly RSI has fallen below 30, a level that has historically preceded strong recoveries. • Funding rates have turned negative, often a sign that excessive bullish positioning has been flushed out. • Selling pressure appears to be slowing, suggesting possible seller exhaustion. Bearish risks remain: • Bitcoin just posted its worst weekly decline of 2026. • Market sentiment remains extremely weak. • The June 12 U.S. CPI report could trigger another wave of volatility. Trading View Short-term outlook: Cautiously bullish if BTC holds above $60K. Buy zone: $60K–$61K support area (for traders willing to accept volatility). Take-profit targets: $68K first, then $72K if momentum improves. Stop-loss / risk level: A decisive break below $60K would invalidate the bullish setup and increase downside risk toward $55K. Recommendation: Accumulate cautiously near $60K support, but keep risk tight until Bitcoin proves it can reclaim higher levels. This remains a high-volatility environment.