What Will Happen if Bitcoin Drops Below $60,000?

• Bitcoin has lost nearly 7% this week, dropping to $63,200.
• BTC has plunged into a crucial price cluster first observed in 2024.
• Breaking below $60,000 could be critical for Bitcoin’s price.

Bitcoin’s price continued in the downward direction this week, extending its bearish movement by nearly 7% in less than 72 hours. The latest push has plunged the cryptocurrency into its Q2-Q3 2024 price cluster, when BTC traded in a sideways range for about six months.

Bitcoin is in a Crucial Zone

TradingView’s data shows Bitcoin trading at $63,200 at the time of writing, with bearish pressure still intact, suggesting further downward movement. This potential for further decline is boosted by Bitcoin’s latest crash, when the cryptocurrency dropped below $60,000 in the first week of February. The current trend suggests the cryptocurrency may like…

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