Bitcoin Below $59K Activates Setups With $54K Target

Bitcoin fell below $60,000 on Thursday as losses in megacap technology stocks weighed on broader risk appetite, slipping as much as 4.8% to an intraday low near $58,000 and erasing its June gains.

The move completed a rounded top on the four-hour chart and triggered a bear-flag breakdown on the daily, with both technical setups projecting a downside target just under $54,000 — roughly an 8.9% drop from current prices.

On-chain indicators reinforce that zone: Glassnode’s 1.0 MVRV band sits around $53,390, close to the technical target, while a deeper selloff could push Bitcoin toward the 0.8 MVRV band near $42,700, a level associated with prior major bear-market lows and heightened capitulation risk.

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