TechFlow news, CryptoQuant analysts said in a report released Tuesday that Bitcoin's price has fallen below the key support level of $65,800. A break below this level could signal an 8%-12% correction, potentially driving Bitcoin toward $60,000.
However, Tuesday's CryptoQuant market report noted that despite Bitcoin falling below this critical level, downward pressure may be limited. Still, "the market lacks bullish momentum."
CryptoQuant analysts added that traders have not increased their Bitcoin holdings, and demand from large holders or "whales" remains weak. Additionally, stablecoin liquidity continues to slow, growing at the weakest pace since November 2023.
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