Analyst Announces Critical Support for Bitcoin: If It Breaks, There Will Be a 12 Percent Drop!
Julio Moreno, official of on-chain data and analytics platform CryptoQuant, pointed out critical support for Bitcoin (BTC).
Julio Moreno included Bitcoin analysis in his social media post dated June 14. Using the realized price data, the analyst said that if this level is broken, Bitcoin may fall between 8-12% and fall to the 60 thousand dollar range.
He noted that, historically speaking, this metric has worked largely successfully and in case of a breakdown, serious declines are observed.
At what dollar is the critical support level?
Looking at Julio Moreno's chart, the current realized price level indicates 65 thousand dollars. So, in case of a downward break of $65,000, the analyst expects $60,000 to come.
This support level was last broken in May and the Bitcoin price dropped to the level of 57-58 thousand dollars.
According to CoinGecko data, Bitcoin, which has lost 1% in value in the last 24 hours, is traded at $66,200 at the time of writing.
