Warning! BTC breaks through key support level, next target 57,718? Don't try to catch a falling knife now! Yesterday it broke through the 60-day low of 68,052, and today it plummeted to a low of 66,577. The 5-day, 10-day, 20-day, and 60-day moving averages are all in a bearish alignment, and the price couldn't even reach the 5-day moving average, a full 8% drop. But don't rush to declare Bitcoin worthless; it's clearly oversold in the short term. This drop didn't come out of nowhere. The US October CPI exceeded expectations, Federal Reserve officials have become hawkish, and the market is even trading on the possibility of a December rate hike, possibly a 50 basis point increase. The higher the interest rate, the more disadvantageous a non-interest-bearing asset like BTC becomes. Add to that the Nvidia saga dragging down tech stocks and overall risk appetite, and funds are clearly less willing to take risks now. If 65,300 is breached, the key levels to watch are 62,200–62,700. This is the next area to observe whether buying interest is willing to enter the market. If the price continues to fall with increasing volume, be wary of the 52-week low around 57,718. Unless a clear bottoming signal appears, it is not recommended to heavily invest against the trend. Don't turn your account into a short seller's ATM. You can always make money in the market, but you only have one life.