Crypto trader Alex Kuptsikevich said that a drop below the $60,000 mark of Bitcoin (CRYPTO: BTC) could trigger a panic sell-off.
What Happened: Kuptsikevich noted that the price action has been marked by a series of lower lows and lower highs, indicating investors selling into strength on price rallies, CoinDesk reported on Monday.
He stated, “There is pressure likely related to asset sell-offs by miners and fears of tighter regulation of cryptocurrencies.”
Kuptsikevich also suggested that a positive scenario would be a price rise above $65,000, which would confirm the price at the 50-day moving average and the reversal area in early May.
Earlier this week, BTC briefly surpassed $63,000, stimulating a rise in both alternative and major tokens. Ethereum (CRYPTO: ETH), Solana’s (CRYPTO: SOL), and Dogecoin (CRYPTO: DOGE) all experienced a 3% increase within 24 hours, primarily following BTC’s ascent. TON, the token of the Tonchain blockchain linked to the messaging service Telegram, ...