According to ChainCatcher, Péquignot stated that if Bitcoin's closing price falls below the key support level of $60,000, the next potential target is $58,000. This moving average is widely regarded as an important indicator of a "bottom finder," and since 2015, multiple bear market lows have approached this moving average.
Currently, Bitcoin has been trading between $60,000 and $70,000 over the past week, down about 45% from its all-time high in October, and is heading towards its fourth consecutive week of decline.





