Bitcoin drop to $58K brings out bears: Is BTC’s next stop below $50K?
Bitcoin’s crash to $58,000 confirmed a bear flag breakdown, setting a new price target of $54,000 or lower.
Bitcoin (BTC) dropped below $60,000, a key psychological support, on Thursday as losses in megacap technology stocks weighed on investors’ broader risk appetite, adding pressure to an already fragile crypto market.
BTC/USD vs. Nasdaq and S&P 500 daily performance chart. Source: TradingView
The decline has triggered a classic bearish reversal setup that may push the BTC price under the $54,000 mark in the coming days.