Julio Moreno, an official from the on-chain data and analytics platform CryptoQuant, pointed to a critical support level for Bitcoin (BTC).
In his social media post on June 14, Julio Moreno shared his analysis of Bitcoin. Utilizing the realized price data, the analyst stated that if this level is broken, Bitcoin could drop by 8-12% and fall to the $60,000 range.
Historically, this metric has worked successfully to a large extent, and significant drops have been observed when a break occurs.
What is the critical support level?
According to Julio Moreno’s chart, the current realized price level indicates $65,000. So, if $65,000 is broken downward, the analyst expects Bitcoin to reach $60,000.
This support level was last broken in May, and the Bitcoin price fell to the $57,000-58,000 range.
According to CoinGecko data, Bitcoin has lost 1% in value over the past 24 hours and is trading at $66,200 at the time of writing.
Stay tuned for new information.