Bitcoin fell 20% and continues to fall in price. It has already dropped below the psychologically important mark of $60,000

by alex

The rate sank to $59,000

Despite the recent halving, which usually pushes the price higher, Bitcoin continues to decline. Most recently, the rate reached its historical maximum of $73,800, but then a correction began.

On the last day of April, Bitcoin fell below the psychological level of $60,000, where there was a strong support zone, but the bulls could not resist the pressure of the bears. The rate approached this mark several times, but support was triggered each time. At the moment, the rate fell to $59,000 according to the Binance exchange, which is about 20% below the April highs. After breaking through the support zone, a further decline in the rate is expected.

Many analysts predict that the downward trend may continue. The nearest support levels are $50,000 and $42,000. If they are broken, this could trigger a further decline.

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However, the long-term prospects for Bitcoin remain positive. Experts believe that a new bull run could begin in the fall, after the correction is completed. This will be supported by the limited supply of Bitcoin after the halving, as well as growing institutional adoption and interest from large investors.

Previously it became known that the former head of  Binance was imprisoned for four months.

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