Bitcoin's rapid fall in price after failing to hold above $70K is causing turmoil in the market. The price is approaching the key support level of $60K. If the price moves lower, the next potential target would be the $58K support zone. 😱
On the 4-hour chart, Bitcoin is oversold and a short-term rebound or consolidation at $60K is likely.
The analysis shows that many market participants are seeing their unrealized profits diminish. Some holders have already realized their profits and left the market to avoid losses. 📉
If the market falls below $60K, short-term holders may begin to realize losses. However, if the bull market is not over yet, then the low could be very close.
