“Bitcoin (BTC) recently fell below $64,000, breaching the realized price level of short-term holders and signaling a possible further decline to levels not seen in the last 51 days,” reports analytics firm CryptoQuant. 📉

• “Bitcoin is trading below critical support level at $65.8K, now below $64K,” CryptoQuant wrote in a June 21 post.

• A fall below this threshold suggests a possible correction of 8%-12% towards $60K, a level that has not been broken since May 3, when Bitcoin was trading at $59,122, according to CoinMarketCap.

• On June 22, Bitcoin's recent decline saw it fall 2% to $63,442, falling below the realized price of short-term holders at the time, which was $64,230, according to LookIntoBitcoin.

A decline to $60,000 would wipe out $1.64 million in long positions, according to CoinGlass. However, despite the negative trends, Bitcoin may see an upward rally after an extended consolidation."