Market analyst Joao Wedson flagged a critical support zone for Bitcoin near $60,490, aligning with the average cost basis of Binance's BTC reserves. A break below this level could trigger renewed selling pressure.
Bitcoin last traded around $66,700, down over 5% from recent highs. Wedson noted similar conditions in 2022 led to prolonged unrealized losses on the exchange, heightening volatility.
Should the key support fail, next targets include $54,000, with historical bear markets seeing 70%-80% corrections. Despite short-term bearish signals, some forecasts project a rebound toward $74,000 within five days.