Bitcoin buyers are trying hard to maintain the value above $60,000. An expert has warned that there might be more drops in the price before it can go up again.

In a recent post, Analyst YG Crypto highlighted the importance of Bitcoin’s support levels around $59,000 to $60,000. He warned about possible price changes and how crucial it is to understand these levels in predicting Bitcoin’s future.

The key support area could either help Bitcoin recover or become a breaking point if buyers can’t hold it. Investors are watching closely to see if prices will go up or down from here.

Bitcoin’s big investors, known as whales, have been less active since mid-March, affecting the market negatively. The decrease in whale activities has raised concerns among investors.

Expectations of a price rise after the last Bitcoin halving haven’t played out yet, and the current downward trend is being seen as normal by analysts. Historical data suggests that Bitcoin might drop further before rising again.

Furthermore, the recent outflows from Bitcoin ETFs have contributed to the ongoing price declines. The decline in the price of GBTC, one of the major Bitcoin ETFs, has caused the overall market cap to stay below $1.3 trillion while Bitcoin is currently trading at $63,200 after a 1.24% decrease.