Bitcoin Faces Potential Drop to $60,000 Amid Bearish Technicals and ETF Outflows

Bitcoin is currently under significant pressure, with analysts warning of a potential price correction toward the $60,000 threshold. A bearish "double top" technical pattern has emerged on the charts, suggesting a reversal of the previous upward momentum and a potential downward trend. Adding to the bearish sentiment, spot Bitcoin ETFs have experienced five consecutive weeks of capital outflows, indicating a strategic pullback from institutional investors. This sustained selling pressure is eroding confidence among both retail and institutional market participants. Market observers note that the lack of fresh buying support could accelerate the downward trajectory in the near term. Consequently, the leading cryptocurrency remains vulnerable to further volatility as it tests key psychological support levels.