After Bitcoin (BTC) fell below $60,000, analysts caution that further downward movement is possible for the crypto leader.

DonAlt, an analyst known by pseudonym, shared with his 566,900 followers on X that Bitcoin’s bearish trend may persist unless it reclaims a crucial support level on the weekly chart.

“BTC update: The bearish retest has done its job. Uncertain if the current support will hold up again. Prudent to exercise caution until reclaiming $63,800 or testing lower supports. Until then, risk aversion is advisable.”

Bitcoin recently dropped to approximately $59,700 in the last 24 hours but has since recovered some losses, now trading at $60,243.

Flow Horse, another pseudonymous analyst, suggests that considering Bitcoin’s decline to the $40,000 range shouldn’t be ruled out.

“The market remains overly confident about potential downside if this range breaks. Many observers briefly turn bearish but only consider minor drops. They refuse to contemplate Bitcoin revisiting the $40,000s, which is short-sighted for evident reasons.”

Meanwhile, Benjamin Cowen, a highly followed analyst with 802,000 YouTube subscribers, discusses in a new video that Bitcoin might continue to decline, correlating it historically with the US 10-year yield.

“Bitcoin often fades when the longer yield curve rises… If you examine the 10-year yield, you’ll notice that spikes, such as those seen from July to October 2023 and the preceding year, coincided with Bitcoin’s downturns. If similar spikes occur into October again, Bitcoin could experience seasonal weakness.”

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