Bitcoin (BTC) is turning deep red today. The price of Bitcoin plunged more than 4% just as it did last Friday, reaching the critical support level of $60,000.

Concerns about the potential impact of billions of dollars of Bitcoin that could soon enter the market from Mt. Gox appear to be the main reason for the crash. The entire cryptocurrency market is feeling the effects of Bitcoin’s drop, with many altcoins seeing drops of 10% or more.

Currently, Bitcoin appears to be stabilizing above the support area around $60,000. This marks the bottom of the consolidation range that has been locked in for several months and therefore marks an important price level.

Until last Monday, when prices briefly fell below that support level after the closure of cryptocurrency exchange Mt. Gox announced that it would begin refunding victims this month. More than 140,000 bitcoins recovered in the years following the bankruptcy will be distributed to former users. Now that July has arrived, investors are worried about the impending selling pressure.

The fastest rising currencies, including world currencies

Despite the heavy losses in the cryptocurrency market, some altcoins have managed to escape the fall. The top 100 gainers are worldcoin (WLD), zksync (ZK), and oasis (ROSE). Their performance in the past 24 hours is as follows:

  • WLD：+7.82%

  • ZK：+6.55%

  • Rose：+1.71%

  • TRX：+0.79%

  • LINK：+0.57%

Bitcoin price falls below $62,000 and retreats, altcoins under pressure


The hardest losers, including Ethereum Name Service (ENS)

Bitcoin dragged down most of the cryptocurrency market. Most altcoins also suffered heavy losses, some by more than 10%. The top 100 with the biggest declines were Ethereum Name Service (ENS), Bittensor (TAO), and Lido Dao (LDO). Their performance in the past 24 hours is as follows:

  • ENS：-14.04%

  • PEOPLE：-13.16%

  • LDO：-11.93%

  • WIF：-11.08%

  • BRETT：-9.64%

Bitcoin’s failure to re-grip the $63,000 mark caused it to fall towards $61,000. Unfortunately, this outcome paved the way for a drop below $60,000.

According to the chart, as of now, Bitcoin is trading slightly above the critical support level of around $60,885. While the 100 EMA at $63,754 and the 200 EMA at $58,260 are closer to the current price and provide support and resistance levels, the 50 EMA at $66,407 provides a distant resistance level.

If Bitcoin fails to close above $63,000, it could face more selling pressure. Bitcoin price could see a short-lived uptick as the RSI at 36 suggests that the market is approaching the oversold territory.

If the price fails to gather momentum and breaks below the 200 EMA at $58,260, it could reach the next major support level of around $55,000. Bitcoin needs to stay above the 200 EMA and gain upside momentum for a more bullish outlook.