Bitcoin could crash to or below the $60,000 level, according to some financial analysts, as it fails to hold critical price support levels in the ongoing bear market.
Analysts have pointed to potential price drops for Bitcoin amid current market conditions. The cryptocurrency may revisit or fall under $60,000 this year if support levels give way.
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Bitcoin price has fallen below $78,000, placing immediate focus on whether buyers can defend the $76,000 support zone or face a deeper decline toward $70,000.
Bitcoin slipped about 2% to near $64,000 following the Federal Reserve's decision to hold interest rates steady while signaling a possible rate hike later this year. The move came during Chair Kevin Warsh's first meeting on June 17.
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Bitcoin has traded in a tight range between $59,000 and $60,000 for five straight days. Analysts warn that a break lower could target $40,000. Pressure is mounting from a stronger U.S. dollar and plans by Strategy to potentially sell more than $1 billion of its Bitcoin reserves.
Bitcoin shows signs of weakening demand that could lead to a drop toward $72,000.
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Bitcoin has rebounded to around $63,000 following a drop below $60,000 earlier this week. A Standard Chartered analyst has declared the market bottom at $59,000, citing easing ETF selling pressure and potential catalysts including the SpaceX IPO and a possible US-Iran deal.