"Where is the bottom?"... Bitcoin plunges 7%, $60,000 level now at risk

Doohyun Hwang

Summary

Bitcoin (BTC) plunged about 7% within an hour, putting the $60,000 level at risk.
A flood of large-scale sell orders sent Bitcoin briefly to the $60,000 level intraday, shocking the market.
If Bitcoin fails to hold the $60,000 support and falls into the $50,000 range, it would mean a return to a “$50,000 era” for the first time in about 1 year and 5 months.

Bitcoin (BTC) suffered a near-7% plunge in just one hour, triggering a fearful morning in markets. After moving sideways around $64,000, the price abruptly broke down, putting the psychological $60,000 threshold at risk.

According to Binance’s Tether (USDT) market on the 6th, Bitcoin, which had been trading around $64,000 at about 8:30 a.m. that day, sank sharply as a wave of large-scale sell orders hit the market. In less than an hour, the price fell about 7%, briefly touching the $60,000 level intraday and jolting the market.

Market anxiety is spreading on concerns that key support levels could fail. If Bitcoin cannot hold the $60,000 support and slides into the $50,000 range, it would mark a return to a “$50,000 era” for the first time in about 1 year and 5 months since September 2024.

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