The latest Bitcoin (BTC) price drop has raised concerns about the cryptocurrency’s upcoming performance, with some analysts warning that BTC’s next key closes could signal the start of another major correction.
Bitcoin Risks Another Major Crash
On Friday, Bitcoin plunged over 7% intraday to a three-week low of $65,700, raising concerns about the flagship crypto’s short- to mid-term performance. The cryptocurrency has been trading between the $65,000-$72,000 levels since the early February crash.
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After its latest drop, analyst Altcoin Sherpa noted that holding the current levels is crucial, as losing this boundary could quickly send BTC’s price 6%-10% down to the next support area, around $60,000-$62,000.
Several market observers also warned that the cryptocurrency is currently breaking down a crucial bearish
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