Bitcoin Price Drops Below $60K Amid $1.2B Binance Selloff

Bitcoin's price took a hit after experiencing a significant selloff on Binance, resulting in a $1.2 billion sell order within one hour.

The $60,000 support level failed, causing Bitcoin to trade below it and sparking debate over whether the market has entered a correction or capitulation phase.

Analyst More Crypto Online highlighted a long-term support trendline on the weekly linear chart, which currently sits near $33,000.

This zone is part of a broader support corridor that could become relevant if the bear market extends. However, it remains unclear whether Bitcoin needs to revisit this level or not.