📣📣Attention Bitcoin enthusiasts!📣📣 The BTC price has been on a bit of a rollercoaster ride recently, taking a nosedive below the significant $60K support level and even breaking below the 200-day moving average, which is around $58K. 😱😱

This is a bit of a red flag, as the 200-day moving average is usually a strong support during Bitcoin bull markets. If the $57K support level can't stop the decline and the price doesn't bounce back above the 200-day moving average, we could be in for a much steeper drop. 📉📉

On the 4-hour chart, the price has dipped below $57K following the breakdown of the $60K support zone. But don't panic just yet! This level seems to be holding off a deeper decline, and the RSI indicator has entered the oversold region. These signs could indicate a potential recovery or at least a pullback toward the $60K level in the short term. 📈📈

As the BTC price drops, many traders are exiting their long positions, and some are even opening short positions. The Funding Rates metric, which shows if buyers or sellers are executing more orders, is currently negative. While this might seem worrying, it could also be the first sign of the price finding a bottom, similar to previous instances when the metric displayed negative values.

So, while caution is advised, a short liquidation cascade might also happen in the coming days, which could see the price recover quickly. Stay tuned, folks! 🚀🚀