Bitcoin’s daily volume falls to 126K BTC, lowest in 10 years: Will BTC plummet to $60K?

Amid ongoing volatility, can Bitcoin bulls prevent a pullback toward $60k? The most recent CPI release has caused a strong risk-off move and pushed BTC down below $75k. While it is still only 4% from November open, the risk of further downside is increasing. Technically, $75k is an important level, as it is a cost basis for short-term holders, meaning it could form a significant supply zone, with investors looking to sell at close to breakeven. The recent Glassnode report adds another layer. As can be seen in the chart below, the largest Bitcoin liquidity cluster is concentrated around $60k. These are mostly longs opened at the bottom of the market, which haven’t been re-tested by BTC since it rallied from around $65k in August.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to AMBCrypto.