Bitcoin BTC$61,875.23 continues to lose ground and the price is fast closing on $60,000 amid record ETF outflows. The $60,000 level has been widely cited by analysts as a major support, below which the selloff could get even uglier. Jean-David Péquignot, the chief commercial officer at leading crypto options exchange Deribit said that price is critical not just because it's a round-number psychological level. More importantly, it's a structural threshold with real consequences for institutions and derivatives market participants.