Analyst: BTC's next support level is $68.5K

If Bitcoin decisively breaks below $71,000, its next support level could be around $68,500, according to crypto investor and analyst Lark Davis. He noted that the $68,500 to $69,000 range is an area where BTC previously consolidated and formed a bottom. A drop from $71,400 to $68,000 would represent a 4.76% decline, and Davis suggested that altcoins could experience a more significant sell-off during such a move. He explained that a slow decline would suggest continued weakness, whereas a sharp drop to $68,000 followed by an immediate rebound would likely indicate a flush-out of leveraged long positions.