As selling pressure on Bitcoin continues, market analysts are warning that sharper declines could occur if critical support levels are lost.
According to CNBC, many market experts predict that Bitcoin could experience an additional value loss of up to 30% if it permanently falls below the $60,000 level.
Matt Maley, chief market analyst at US-based asset management company Miller Tabak, stated that the $60,000 level is of great technical importance. According to Maley, a break below this support could further strengthen the negative sentiment in the market and weaken investor confidence.
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