According to TechFlow, CryptoQuant analysts said in a report released on Tuesday that the price of Bitcoin has fallen below the key support level of $65,800. When the price falls below this support level, it may indicate an 8%-12% correction, and Bitcoin may fall to $60,000.
However, despite Bitcoin’s break below this key level, downside pressure may be limited, according to Tuesday’s CryptoQuant market report. Still, “the market lacks bullish momentum.”
CryptoQuant analysts added that traders are still not increasing their Bitcoin holdings, and demand growth from large players or "whales" remains weak. In addition, stablecoin liquidity continues to decelerate, growing at the slowest rate since November 2023.
