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Bitcoin is close to breaking a key support level that could trigger another 15% drop

  • adekabirth

    Bitcoin's 16% selloff this month is testing a key support level around $60,000.

    This support level is supported by Bitcoin's 200-day moving average below $58,000.

    A break below $60,000 could lead to a 15% drop to the next support level at $51,500.

    Bitcoin's steady decline this month has the cryptocurrency testing a key support level that could ultimately lead to a more painful sell-off.

    Bitcoin fell 4% on Monday and is down 16% since its June 7 high of nearly $72,000, hitting a daily low of around $60,000 on Monday.

    According to Fairlead Strategies founder Katie Stockton, $60,000 represents a critical line that should act as support for the price of the world's largest cryptocurrency.

    But if not, and bitcoin decisively breaks below $60,000, this suggests the token could continue to fall to the next support level around $51,500.

    "Support is now backed by the 200-day MA, making it even more significant," Stockton said in a note to clients on Monday.

    Bitcoin's rising 200-day moving average is below $58,000.

    "There is no 'Buy' signal, so we will wait to find support in bitcoin. If a breakdown occurs, then the next support will be near $51,500," Stockton said.

    A further drop to $51,500 would represent a potential decline of around 15% from current levels, and it would represent a 30% drop from the record high of nearly $74,000 reached in March.

    The latest bitcoin sell-off has also sounded a warning for the broader stock market, according to one Wall Street analyst.

    “Bitcoin's recent weakness signals a summer correction and an imminent S&P 500 consolidation phase,” Stifel strategist Barry Bannister said last week.