Cryptocurrency enthusiasts are eagerly watching as the price of Bitcoin continues to fall, wondering when the downward trend will reverse and how low the price can go. According to analysts at IntoTheBlock, more than 16% of BTC holders are currently facing losses as Bitcoin drops below $60,000.
Historical data suggests that Bitcoin tends to weaken below the $60,000 mark, indicating that the downward pressure may persist. The analysts have identified the next critical demand zone for Bitcoin between $40,000 and $50,000, warning of the possibility of the price falling into this range.
With Bitcoin currently trading at $57,354 after a 5.2% decline in the last 24 hours, investors are closely monitoring the situation. It is crucial to stay informed and cautious in such volatile market conditions. Remember, this information is not investment advice. For those interested in trading over 300 cryptocurrencies, Binance exchange offers a 20% commission discount for new registrants through this link. Stay updated on the latest news, analysis, and on-chain data by following our Telegram and Twitter accounts.
