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Bitcoin's failed breakout means it could fall an additional 12% if it drops below key $58,000 support level, technical analyst says
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A failed breakout in bitcoin could spell more downside ahead for bitcoin as it looks to consolidate a recent 15% decline, according to Fairlead Strategies' Katie Stockton.
Bitcoin hit record highs in early November, eclipsing its prior April record of $65,000 and reaching about $69,000 before it tumbled to as low as $58,400. According to Stockton, the price action in bitcoin represents a failed breakout, and more downside could be imminent.
That's if bitcoin fails to hold key support near $58,000, Stockton told Insider. Bitcoin successfully tested this important support level on Tuesday and early Wednesday, which is a good sign for bullish crypto investors.
And while the recent pullback was sharp, it «has not impacted our positive
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