Bitcoin Struggles Near Key Support Level Amid Market Volatility

Bitcoin's price is struggling to stay above $58,000, its lowest level in 10 days. The cryptocurrency fell to $63,000 due to weak risk sentiment, sell-offs in tech stocks, and uncertainty over Federal Reserve policy.

The price is currently consolidating between $60,000 and $65,000, with a critical support at $58,000. A break below this level could lead to a drop towards $49,100.

Meanwhile, the Bitcoin-to-gold ratio is testing a long-term support level, which may indicate whether Bitcoin has formed a bottom or needs further correction.