The cryptocurrency market has been in a downward spiral, falling over 3.40% in the past 24 hours to $2.27 trillion. The trading price of Bitcoin is $62,505, a 6% drop from the past week.
This downward trend is caused by various factors, with one of the most important being BTC miners selling reserves worth $200 million, the largest sell-off in over a year and the lowest point in 14 years.
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According to data from IntoTheBlock, approximately 54,500 addresses hold 30,300 BTC with a price range between $64,300 and $70,800, causing supply constraints. If the cryptocurrency’s price continues to decline, these holders may decide to sell their tokens to limit losses, thereby increasing downward pressure on the price.
Furthermore, there are predictions that BTC may reach $60,000 soon, possibly within a week.
