Bitcoin is currently experiencing a 16% sell-off this month, which is testing a critical support level at around $60,000. This support level is further strengthened by Bitcoin’s 200-day moving average of just under $58,000. If the price breaks below $60,000, it could potentially lead to a 15% decline to the next support level at $51,500.
The recent decline in bitcoin has caused concern among experts as it could trigger a more significant sell-off. Bitcoin dropped 4% on Monday and has fallen by 16% since reaching a high in early June. According to Fairlead Strategies founder Katie Stockton, $60,000 is a vital support level for bitcoin. However, if it fails to hold, a drop below $60,000 could signal a further decline to $51,500.
Stockton emphasized that the 2
