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Bitcoin Below $60K Could Trigger 'Panic' Selling, Crypto Analyst Says

Bitcoin Below $60K Could Trigger 'Panic' Selling, Crypto Analyst Says
One trader said recent declines are likely related to miners' asset sell-offs and fears of tighter regulation of cryptocurrencies.

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Bitcoin could see a panic sell-off if it closes below the $60,000 level in the coming days, according to FxPro trader Alex Kuptsikevich. The market has been range-bound between $60,000 and $70,000 since March, with the halving event in April not providing the expected boost due to a general lack of market catalysts. Short-term bitcoin holders might play a significant role in the coming months, with a shift towards selling leading to significant drawdowns in the following four to six months. Analysts at crypto investment firm Ryze Labs also noted that the behavior of short-term bitcoin holders could largely influence markets in the coming months. If institutional demand and macroeconomic conditions weaken, a Bitcoin price drawdown similar to past cycles could occur.