CryptoQuant has reported on the X platform that Bitcoin (BTC) has experienced a sharp decline of over 16% in the past 24 hours, falling below the crucial $57,000 support level. This significant breach indicates the potential for BTC's price to drop further, possibly reaching $40,000. Traders are currently experiencing the most negative unrealized profit margins since November 2022, reflecting heightened market bearishness and increased financial stress among investors.