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Bitcoin ($BTC) fell below $60,000 for the first time in weeks, a break that has rattled confidence in the cryptocurrency's near-term trend.
On-chain data tells a different story from the price tape, however: traders are not capitulating — they are positioning for a relief bounce of as much as 15%.
The Price Break The $60,000 level had been holding as a floor for weeks before giving way, and its breach carries weight beyond the arithmetic of a round number.
In cryptocurrency markets, widely-watched price handles function as technical anchors — concentrations of open interest, stop orders, and leveraged positions that, once lost, can trigger cascading liquidations and amplify the initial move.
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