CryptoQuant analysts report that Bitcoin has broken a critical support level, potentially leading to an 8-12% correction with prices dropping to around $60,000. Despite the lack of bullish momentum, downwards pressure is limited due to reduced holdings by traders, weak demand from large investors, and slowing stablecoin liquidity. The collapse of basis trading and a significant drop in CME Bitcoin futures open interest have also contributed to the recent price decline.

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