BTC could fall to $47K if it fails to hold $60K, says analyst

Bitcoin is testing a critical support level between $60,000 and $63,000, with an analysis suggesting that a failure to hold the $60,000 mark could lead to a drop to $47,000. According to The Block, Andri Fauzan Adziima, head of research at crypto exchange Bitrue, said that if BTC successfully holds its current support, a short squeeze could occur, amplified by negative funding rates. He added that improving macroeconomic conditions and a resumption of ETF inflows could further fuel this phenomenon. Conversely, Adziima warned that a drop below $60,000 combined with a deteriorating macro environment could push the price down to the mid-$50,000s and even to $47,000. In this case, long-term investors might also capitulate and sell, potentially creating a deeper market bottom. Meanwhile, as BTC gave up the $63,000 level today, Presto Research analyst Jeong Min-gyo stated that the decline was due to a general worsening of sentiment across the crypto market rather than a specific factor. He added that in the short term, macro-related news, such as U.S. tariff issues and escalating U.S.-Iran tensions, is stimulating risk-averse sentiment among investors.