Bitcoin has been volatile recently, experiencing sharp price swings. It briefly touched $64,000, sparking interest among investors, but has since fallen below $60,000, dropping over four percent. Analysts, including Josh from Crypto World, suggest Bitcoin is in a larger bearish trend based on the Super Trend indicator on the 4-day and 2-day timeframes.

Key resistance levels are around $68,000, $64,500, and $62,900, forming the upper boundary of a descending broadening wedge pattern. Strong support is identified between $56,000 and $57,000, with additional support at $58,000 and $60,000 to $61,000. A break below $56,000-$57,000 could lead to a deeper retracement to $53,000 or lower.

The Bitcoin liquidation heat map shows increased downside liquidity, indicating significant liquidations as prices dropped below key levels. Market sentiment remains bearish, with many traders shorting crypto, as reflected in negative funding rates.