Bitcoin is currently facing a 16% sell-off this month that is putting a key support level at around $60,000 to the test. This support level is further fortified by Bitcoin’s 200-day moving average, which sits just under $58,000. If the price falls below $60,000, it could potentially result in a 15% decline to the next support level at $51,500.
Concerns among experts have been mounting as the steady decline in Bitcoin has intensified. On Monday, Bitcoin dropped by 4%, and since then it has fallen by 16%. According to Fairlead Strategies founder Katie Stockton, $60,000 is a critical support level for Bitcoin. However, if it fails to hold up to this mark, a drop below $60,000 could signal a further decline to $51,500.
Stockton emphasizes that the 20-day moving average adds significance to this support level. Currently situated just below $58,