If BTC retraces back to $60,300 or $60,500, it's likely to break the $60,000 support level, initiating another downward trend for the market. The new support level that could form in this scenario would be around $59,100.
In terms of recovery, BTC must reclaim the $62,450 level. A pump of $1000, coupled with resistance over two hours, could help lift the market out of this challenging situation.