#BTCProbes60KKeySupportLevel The cryptocurrency market is leaving behind a turbulent week as the leading cryptocurrency Bitcoin (BTC) slips below the critical $60,000 support level.

According to data from analytics platform Santiment, Bitcoin is trying to hold just above this psychological threshold after recording an approximately 4.6% weekly decline. However, the price occasionally falling below $60,000 has pushed bearish chatter on social media to new heights.

Following the sharp market drop, the community has set its sights on Michael Saylor and his company MicroStrategy (now renamed Strategy), which holds a massive amount of Bitcoin. The fact that Bitcoin has lost more than 50% of its value since its October peak of $126,000 has tested investors’ patience.

Shareholders and law firms are preparing to initiate legal proceedings after the steep decline in MicroStrategy (MSTR) and Strategy (STRC) shares. According to the allegations, Saylor and his company are accused of:
- Showing Bitcoin investments as far more profitable than they actually are;
- Failing to sufficiently warn investors about the new accounting rules and the massive paper losses that Bitcoin’s high volatility could cause;
- Making misleading statements that violate U.S. securities laws

Santiment analysts said that this anger within the community could be a “scapegoat hunt” (FUD) driven by the market decline, adding that the topic was among the top 3 most discussed items on social media throughout the week.

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