Bitcoin's price is under pressure as it approaches critical support levels, with the risk of a drop below $60,000 increasing if the $65,000 mark fails to hold. Current demand is weaker compared to previous downturns, and a break below $65,000 could lead to accelerated selling towards $60,000, exacerbated by thin liquidity and increased loss-taking. On-chain data from Glassnode indicates that long-term holder SOPR has fallen below 1, suggesting realized losses are prevalent. If Bitcoin breaches $65,000, it could slide towards the $54,000–$58,000 range, where historical cost bases might attract buyers if demand improves. Market analysis from Kaiko Research and Galaxy Digital highlights the importance of the $58,000 support level, aligning with longer-term moving averages and cost-basis markers. At present, Bitcoin trades around $68,749, with bearish sentiment and high volatility. The market's focus remains on how Bitcoin's price reacts to the $65,000, $60,000, and $54,000–$58,000 levels, as these will be crucial in determining the next phase of price movement.