Bitcoin fell to $65,800 on Wednesday, slipping below short-term trend lines and keeping a retest of $60,000 in play as liquidity thins beneath current levels, according to Cointelegraph’s analysis of market data.

Although at the time of writing, it has recovered to $67,326.

Traders say repeated failures near $70,000–$72,000 have weakened momentum, and a quick reclaim above $68,000 may be needed to steady the outlook as risk builds toward lower support zones.

Bitcoin formed lower highs after multiple rejections around $70,000–$72,000, with the relative strength index trending toward oversold and price holding below the 50- and 100-period exponential moving averages, Cointelegraph reported.

During the New York session on Wednesday, price faded from intraday highs near $69,800 and printed a swing failure pattern, trapping breakout longs and accelerating declines.

An order block sits around $60,800–$61,000, an area where buyers previously stepped in after the yearly low at $59,800.

If $64,000 gives way, traders see that zone as a likely liquidity target.

Liquidity heatmaps show stacked orders above $72,000 but a “liquidity void” from $66,000 to $60,500, suggesting price can travel quickly through that area to reach stops below, per CoinGlass’s data.

A final stack of leveraged longs worth over $350 million sits near $60,500, leaving the downside exposed despite higher visible liquidity.

Trader Husky noted Bitcoin is slipping below the anchored VWAP from last week’s $59,800 low and warned that without a swift recovery above $68,000, the risk of further downside toward supports near $65,000 increases.

For now, Husky expects a broad $60,000 to $72,000 range.

Market analyst EliZ observed BTC consolidating near $66,500 inside a descending channel.

A break lower could send the price toward the $63,400–$64,600 support band and raise the odds of a revisit to $60,000.

Beyond near-term charts, opinions on the asset’s trajectory remain divided, according to Benzinga’s roundup of recent commentary.

Ark Invest’s Cathie Wood has trimmed her 2030 price target from $1.5 million to $1.2 million, acknowledging that stablecoins are “snatching the crypto payments industry away from Bitcoin.”

By contrast, Bernstein analysts called the current slide the “weakest bear case in history” and reiterated a year-end target of $150,000, arguing “nothing has actually blown up.”

Michael Burry contended the asset has been exposed as a speculative vehicle that failed as a debasement hedge, warning it could enter a death spiral and harm companies tied to it.

Risk management voices remain cautious.

Financial advisor Carolyn McClanahan recommends limiting any single asset to no more than 5% of a portfolio, while Jim Cramer questioned its reliability as a means of exchange and pointed to missed upside timelines.

Flows also appear to be shifting.

Citing CryptoQuant data, Benzinga reported that US exchange-traded funds which bought 46,000 units last year are selling in large quantities in 2026.

Interactive Brokers’ Steve Sosnick summarized the moment as “Crypto is now for normies,” noting some investors are rotating to gold, which CNBC has reported climbed above $5,100 an ounce.

Meanwhile, high-profile holders remain resolute.

Michael Saylor said he would keep buying even at $1, describing the asset as a “swarm of cyber hornets.”

JPMorgan analysts set a $266,000 long-term target based on comparisons to gold but called that level unrealistic for this year and noted it trades below an estimated production cost of $87,000, per Benzinga.

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