Warning Signs: Bitcoin's Key Support Level at Risk of Collapse

Bitcoin's Critical Support Level

A closely followed crypto analyst, Jason Pizzino, is sounding the alarm on Bitcoin (BTC), suggesting a collapse could be imminent if the cryptocurrency fails to maintain a crucial support level.

In his latest video update to 332,000 YouTube subscribers, Pizzino emphasizes the importance of Bitcoin sustaining its position above $44,600. He states,

“Strength is price action above $44,600, which is the bull market support level. Anything under that level that closes on a weekly or monthly basis is going to be pretty severe consequences for the Bitcoin market. That is my flipping point, that flipping point for the bull and the bear market. Underneath that level, not great signs.”

Source: Jason Pizzino/YouTube

Currently, Bitcoin is trading at $60,707, reflecting a 1.7% decline in the past 24 hours.

Ethereum's Position

Pizzino also discusses Ethereum (ETH), indicating that it could maintain a bullish trend if it convincingly reclaims support at $2,900, marking the 50% level of the bear market range. He notes,

“If ETH can get the closes above $2,900, that’s going to set it up in a much stronger position for this next move forward. If it continues to falter here and get rejected, that’s not a great sign for ETH.”

Ethereum is currently priced at $2,601, down 2.8% in the last 24 hours.

Source: Jason Pizzino/YouTube

Watch the full analysis on YouTube.