Bitcoin (CRYPTO:BTC) has plunged to a nine-week low, dropping below crucial support levels at $60,000 and hitting around $57,000 on July 4.

Analysts like Markus Thielen warn of further declines, with potential drops to or below $50,000 looming due to weak support and seller pressure.

Concerns over seasonal market trends and potential miner sell-offs near breakeven points add to the bearish outlook.

Experts like Andrew Kang predict even deeper corrections, suggesting a reset to the $40,000 range in the short term.

As Bitcoin struggles, the broader crypto market sees significant losses across major altcoins including Solana (CRYPTO:SOL), Dogecoin (CRYPTO:DOGE), and Chainlink (CRYPTO:LINK), reflecting heightened market volatility and investor caution.