Analyst Says Bitcoin Faces Deeper Drop Risk if $60,587 Support Breaks

Crypto analyst Ali Martinez, using URPD data provided by Glassnode, has identified critical price ranges to watch for Bitcoin. The analysis highlights that over 1.3 million BTC changed hands between $60,000 and $63,000, making this the most significant concentration of trading activity.

Meanwhile, the immediate support level is positioned at $60,587, which is seen as key for maintaining the current market structure. If this level fails to hold, price action could shift toward $46,702, where roughly 150,000 BTC were transacted. Below that, another major volume zone appears at $37,867, associated with about 207,000 BTC in activity.

At the time of reporting, Bitcoin is trading near $62,582, down about 4.4% over the past week.

Source: Ali Charts