10x Research: price declines could accelerate as support levels are broken and sellers scramble for liquidity

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Bitget2024/07/04 08:05

Bitcoin fell below the important technical and psychological barrier of $60,000, 10x Research noted in its latest market report. This is a key level for bitcoin miners and bitcoin spot ETF buyers and roughly marks the bottom of the three-month trading range (support).

As the support level is broken and sellers scramble for liquidity, the price could accelerate. Only ill-informed traders will be willing to buy here. A break below this support level could lead to a sharp drop in price below $50,000.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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