Bitcoin's 16% sell-off this month is testing a key support level at around $60,000.
This support level is bolstered by Bitcoin's 200-day moving average of just under $58,000.
A break below $60,000 could lead to a 15% decline to the next support level at $51,500.
AdvertisementThe steady decline in bitcoin this month has the cryptocurrency testing a key support level that could ultimately give way to a more painful sell-off.
But if it doesn't, and bitcoin decisively breaks below $60,000, that suggests the token could continue its descent to its next support level at around $51,500.
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