$BTC drops below 60K: What to watch out for?

Saw $BTC drop below 60,000 again. It's clear that the previous upward momentum is gone. If it really breaks below the key support level around 58,000 – 59,000, then we need to prepare for potentially more severe selling.

Personally, I think if it can't get back above 62,000 soon, it's hard to say this is just a pullback. I'll have to start looking for much lower support levels. In this situation, those holding a lot should be careful.