Bitcoin Tests Key Support Level as Steady Decline This Month Raises Fears of More Painful Sell-Off

Bitcoin dropped 4% on Monday and is down 16% since its June 7 high of nearly $72,000, hitting an intra-day low of about $60,000 on Monday.

Bitcoin's months-long rally is showing signs of running out of steam, with the cryptocurrency now at risk of sliding further if it fails to hold onto a key support level.

Bitcoin dropped 4% on Monday and is now down 16% since its June 7 high of nearly $72,000, hitting an intra-day low of about $60,000 on Monday.

But if it doesn't, and bitcoin decisively breaks below $60,000, that suggests the token could continue its descent to its next support level at around $51,500.

"Support is now bolstered by the 200-day MA, giving it more significance," Stockton said in a note to clients on Monday.

Bitcoin's rising 200-day moving average is at just under $58,000.

"There are no 'Buy' signals, so we would await support discovery in bitcoin. Should a breakdown occur, it would put next support near $51,500," Stockton said.

A further decline to $51,500 would represent potential downside of about 15% from current levels, and it would represent a decline of 30% from its record-high of nearly $74,000 reached in March.

News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-tests-key-support-level-steady-decline-month-raises-fears-painful-sell.html

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