Bitcoin (BTC) has had a turbulent weekend with a sharp price drop that wiped out more than $3,000 in value. After a relatively calm day in which the currency clung to $63,000, Bitcoin took a sudden plunge on Saturday afternoon.

The price fell from $63,000 to $61,000 within an hour and eventually fell to the critical support level of $60,000.

A crucial level

The rapid decline, with Bitcoin losing almost 4% of its value, has put the crypto market on edge. The $60,000 mark acts as a crucial support level for Bitcoin, one that has prevented further price decline several times in the past.

Once again, the level seems to be holding, with clear signs of recovery shortly after this critical limit was reached. Nevertheless, the price is currently hanging by a thread.

If Bitcoin falls below $60,000, there is a risk of a further decline to $57,000. However, should the coin stabilize or start to recover, the next resistance barrier can be found at $64,000.

The crypto market turns red

Not only Bitcoin has suffered a significant price drop; Major altcoins such as Ethereum, Solana, and Dogecoin have also suffered declines of more than 4 percent in the past 24 hours.

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