Bitcoin falls to eight-day lows after 'failed' breakout; $58k target cited

Bitcoin slid to eight-day lows on Tuesday after what traders described as a "failed" breakout from its multimonth range, reviving downside targets and putting pressure on bulls. Data from TradingView showed BTC price action retargeting $90,000 prior to the week’s first Wall Street trading session, and trader Daan Crypto Trades said the market was "now fully back into the ~$84K-$94K range" and that the "breakout failed." Price broke below its 200-period simple and exponential moving averages on four‑hour charts amid renewed geopolitical and macroeconomic headwinds, including the reemergence of US-EU trade tensions over Greenland and talk of tariffs; precious metals hit new all‑time highs as traders sought safe havens.

Exchange order‑book data from CoinGlass showed about $360 million in liquidations in the 24 hours to the time of writing, with a spike as US futures opened to trade‑war news. Analyst Keith Alan said the move "had nothing to do with narratives" and pointed to a "death cross" between the 21‑week and 50‑week SMAs, while looking to the 100‑week SMA at $86,900 for a possible bounce.

Rekt Capital highlighted the 2025 yearly open at $93,500 and said Bitcoin would need to reclaim that level during the week to confirm a successful breakout. Targets discussed by traders include a comedown to 15‑month lows, and veteran trader Peter Brandt said he sees a retreat to $58,000–$62,000 as possible.

Key Topics

Crypto, Bitcoin, Us-eu Trade War, Greenland, Coinglass, Death Cross