ChainCatcher news, 10x Research pointed out in the latest market report that Bitcoin has broken through the important technical and psychological level of $60,000. This is a key level for Bitcoin miners and Bitcoin spot ETF buyers, and it also roughly marks the bottom (support) of the three-month trading range. As the support level is broken, sellers scramble to find liquidity and the price drop may accelerate. Only ill-informed traders are willing to buy here. A break below this support level could cause a sharp drop in prices to below $50,000.

Unfortunately, many people still seem to be very bullish on Bitcoin, and a correction to $50,000/$55,000 may provide a better re-entry level.