10x Research: price declines could accelerate as support levels are broken and sellers scramble for liquidity

Bitcoin fell below the important technical and psychological barrier of $60,000, 10x Research noted in its latest market report. This is a key level for bitcoin miners and bitcoin spot ETF buyers and roughly marks the bottom of the three-month trading range (support).

As the support level is broken and sellers scramble for liquidity, the price could accelerate. Only ill-informed traders will be willing to buy here. A break below this support level could lead to a sharp drop in price below $50,000.