Bitcoin price briefly fell below a critical level for traders, raising concerns that a further correction towards $60,000 may be on the horizon.

According to cryptocurrency analysis firm CryptoQuant, Bitcoin recently fell below $64,000, breaking its true price, signaling a possible further decline to levels not seen in 49 days, CryptoQuant wrote in a June 21 X post. Bitcoin is trading below the critical support level of $65.8k
Now below $64,000, CryptoQuant added that a drop below that threshold would represent a potential 8% 12% correction toward $60,000, a level reached by CoinMarketCap data from May 3 when bitcoin was trading at $59,122. It's not broken, according to data from LookIntoBitcoin. On June 22, Bitcoin's recent decline saw it fall 2% to $63,442, falling below the short-term real price (STH RP) of $64,230 at the time.

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