Bitcoin (BTC) Struggles With Market Volatility After Losing the Support Level of $60,000

Satoshi Nakamoto's leading crypto coin, Bitcoin, has faced market correction for the last 5 days. BTC has suffered a market loss due to the selling

Bitcoin (BTC) price has been correcting to the downside for the last five days. The primary crypto coin by market capitalization lost another 1.6% in the last 24 hours, bringing total losses to 10.7% in the past week.

BTC’s market correction comes as Mt. Gox Bitcoin payments and Germany’s BTC offloading have put selling pressure on the digital asset. As a result, both institutions and individual traders have lost millions in liquidations this past week.

Bitcoin Price Drops Below $56K, More Downside Coming?

After BTC lost its crucial support level of $60,000, on-chain analyst Katie Stockton predicted in an interview with CNBC’s Squawk Box that the BTC price will drop below $52,000 and find support at around $51,500.

However, the analysis from the Fairlead Strategies founder suggests that the trend in the longer time frame is still bullish.

“Bitcoin has broken some support, suggesting we may see a trading range to the downside, but the trend long-term is still to the upside,” she noted.

Bitcoin price dropped below the crucial support level of $60,000. Source: BTCUSD on TradingView

According to on-chain data from CoinGecko, Bitcoin (BTC) is currently trading at $55,933, down 1.6% in the last 24 hours. BTC last traded in the red as it lost 10.7% of its market share in the past week.

Bitcoin’s market capitalization is now $1.13 Trillion, giving BTC a market dominance of 51.06%. Meanwhile, the global crypto market capitalization today is $2.21 Trillion.