Bitcoin fell below $60,000 and lost more than half of its value from its all-time high

Bitcoin on Tuesday fell below the psychological mark of $60,000. The value of the world’s largest cryptocurrency dropped by 3.5% to around $58,000, Bloomberg reports, writes UNN.

Details

According to the agency, the decline occurred amid growing investor concerns about market prospects and a worsening technical picture. Bitcoin failed to return above key resistance levels after breaking them earlier this year, heightening fears of further declines.

The technical aspect of Bitcoin has been very negative lately. In the first quarter, it broke the neckline of the “head and shoulders” pattern at around $80,000, and then in the spring it failed to break above it. Now it is slightly breaking its yearly lows. So, if it reaches another lower low, it will be extremely negative from a technical standpoint

Bloomberg notes that Bitcoin’s current price is already more than half of the all-time high recorded last year, when the cryptocurrency’s value exceeded $126,000.

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