Bitcoin is holding near $58,000 as traders watch for either a rebound toward $62,500 or a confirmed breakdown below support. A short-term bounce could come first, but both charts still point to a deeper correction if buyers fail to regain control.
Bitcoin Tests Head-and-Shoulders Neckline Near $58,000
Bitcoin is testing a major support area near $58,000 as analysts assess whether the chart is forming a large head-and-shoulders pattern.
BTC/USD 4-Day Chart. Source: @Morecryptoonl on X
The chart shows a possible left shoulder near $110,000, a head around $125,000 and a lower right shoulder near $80,000. The rising neckline sits close to the 61.8% Fibonacci retracement level at $57,886, making this zone critical for Bitcoin’s next move.
However, the pattern is not confirmed until BTC closes decisively below the neckline. Holding the $58,000 area could weaken the bearish setup and allow Bitcoin to attempt a recovery toward the right-shoulder region.
A confirmed breakdown would increase the risk of a deeper correction. The chart highlights possible downside levels near $39,245 and $28,038, corresponding to the 78.6% and 88.7% Fibonacci retracement zones. These remain technical projections rather than guaranteed price targets.
Bitcoin Could Rebound to $62,500 Before Another Sell-Off
Bitcoin may rebound toward $62,500 after sweeping liquidity near $58,800, but the chart still points to another possible decline.
BTC/USD Price Chart. Source: Kaz (@XBTkaz) on X
The chart shows BTC recovering from a sharp move below $59,000, where price briefly swept the $58,800 liquidity level. The analyst expects the rebound to continue toward the high-volume node between $62,500 and $63,000 around the June 30 pivot.
A rejection from that zone could produce a lower low and keep Bitcoin’s short-term structure bearish. The chart outlines a possible decline below $57,000, while the analyst sees the low-$50,000 range as a broader downside target.
However, if Bitcoin moves through the first resistance zone without rejecting, the next area to watch sits near $64,000. A sustained break above that extended retest zone would weaken the immediate bearish scenario.
