Bitcoin's price fall below the $60,000 mark could be the start of further pain to come, according to Standard Chartered Bank.

"BTC's proper break below $60K has now reopened a route to the $50-52K range," Geoffrey Kendrick, head of Standard Chartered Bank's forex and digital assets research, said Wednesday in a statement to The Block. "The driver seems to be a combination of crypto-specific and broader macro."

Crypto-specific concerns include five consecutive days of outflows from U.S. spot Bitcoin exchange-traded funds and a poor response to the launch of spot Bitcoin and Ether ETFs in Hong Kong, Kendrick said.

With consecutive outflows from U.S. spot Bitcoin ETFs, and currently, the average ETF purchase price being below $58,000, there is a risk of liquidation, according to Kendrick. …