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Here's what could happen if bitcoin breaks below $60,000
Key takeaways
- This level serves as a primary cost basis for institutions and a key strike for derivatives hedging.
- The $60,000 level has been widely cited by analysts as a major support, below which the selloff could get even uglier.
- Jean-David Péquignot, the chief commercial officer at leading crypto options exchange Deribit said that price is critical not just because it's a round-number psychological level.
This level serves as a primary cost basis for institutions and a key strike for derivatives hedging. A decisive break lower could trigger mechanical selling, potentially deepening the selloff. Bitcoin BTC$61,875.23 continues to lose ground and the price is fast closing on $60,000 amid record ETF outflows.
The $60,000 level has been widely cited by analysts as a major support, below which the selloff could get even uglier.
Jean-David Péquignot, the chief commercial officer at leading crypto options exchange Deribit said that price is critical not just because it's a round-number psychological level. More importantly, it's a structural threshold with real consequences for institutions and derivatives market participants.
Article preview — originally published by CoinDesk. Full story at the source.
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