Bitcoin ETF

Galaxy

Bitcoin

Read

The price of <a href="https://coingape.com/markets/bitcoin-price-to-70000-sparks-crypto-market-prediction/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) has seen a downtrend in the lst few days, causing it to lose a significant percentage of the gain that it accrued recently.
<h2 id="strong-new-weekly-low-for-bitcoin-price-strong">New Weekly Low for Bitcoin Price</h2>
According to data from CoinMarketCap, Bitcoin price is trading at $65,423.17 with a 3.1% drop within the last 24 hours. This level is the lowest that the coin has seen in more than a week.
Unfortunately, the drop prompted a flurry of crypto long position liquidations that topped more than $100 million in an hour and over $150 million over the past day. Several factors with a compounded effect are contributing to the Bitcoin price slump at the moment.
It was discovered that some whales are dumping their Bitcoin holding. Precisely, one Bitcoin whale transferred 15,975 units of the flagship cryptocurrency on Friday. The coins were allegedly moved in a single transaction to digital asset exchange Binance. This huge whale dump signals a bearish sentiment and possibly contributed to the slump the coin is recording.
There is also the case low mining revenue which recently began after the Bitcoin halving event that held in April. Ali Martinez on X&nbsp; stated that the mining cost for Bitcoin grew significantly right after the halving. Currently, it cost an average of $77,000 to mine a single $BTC today.
“This spike in expenses has led to a wave of capitulation among #BTC miners in the past month,” Ali mentioned.
With this situation, <a href="https://coingape.com/bitcoin-miners-are-selling-will-high-liquidity-derail-btc-to-ath-push/" target="_blank" rel="noopener noreferrer nofollow">miners’ revenue</a> fell through to $35,000 after climbing to $78,000. This 55% drop could have triggered the selling pressure that Bitcoin is also experiencing. Bitcoin hashrate is also showing signs of a decline as more resources are now required to mine a block. In all, the a surge in over-the-counter (OTC) sales of Bitcoin cannot be discounted in the current price effect.
According to Deribit, about 97,782 BTC options of notional value worth $6.55 billion are set to expire by June 28. With a put-call ratio of 0.49 and the max pain point at $55,000, Bitcoin price may be staying under selling pressure for long while.
<h2 id="strong-spot-bitcoin-etf-demand-to-push-bitcoin-forward-strong">Spot Bitcoin ETF Demand to Push Bitcoin Forward&nbsp;</h2>
The market outlook of the coin could also go the other of a bull run in a major twist.
Notably, <a href="https://coingape.com/spot-bitcoin-etfs-saw-100m-inflow-reversal-but-risks-still-looms/" target="_blank" rel="noopener noreferrer nofollow">Spot Bitcoin ETF</a> demand could influence Bitcoin price to head towards the positive predictions that has been made in its favor recently. Bitcoin proponent and market trader <a href="https://coingape.com/bitcoin-btc-price-tipped-to-hit-500000-in-2025-by-s2f-creator-planb/" target="_blank" rel="noopener noreferrer nofollow">PlanB</a> thinks Bitcoin price is on track to close this year at $100,000 with a $500,000 target by 2025.
Galaxy Digital’s CEO <a href="https://coingape.com/mike-novogratz-projects-100000-bitcoin-price-tips-regulatory-clarity/" target="_blank" rel="noopener noreferrer nofollow">Mike Novogratz</a> also projected that the price of Bitcoin might hit $100,000 by the end of the year lauding improved regulations. The next few weeks would determine which BTC direction Bitcoin price go especially if current drawdown is extended.
Read More: <a href="https://coingape.com/ripple-clo-criticizes-genslers-use-of-crypto-asset-securities/" target="_blank" rel="noopener noreferrer nofollow">Ripple CLO Criticizes Gensler’s Use of “Crypto Asset Securities”</a>
The post <a href="https://coingape.com/why-is-bitcoin-btc-price-falling-rapidly-today/" rel="noopener noreferrer nofollow">Why Is Bitcoin (BTC) Price Falling Rapidly Today?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Why Is Bitcoin (BTC) Price Falling Rapidly Today?

Table of Contents

Coingape News Media

Other articles published on Jun 14, 2024

Victory For Binance And Executives As Nigeria Drops Tax Charges

Bitcoin Price Prediction: Top Analyst Sees BTC Hitting $100k This Year As The 99BTC Presale Rocke...

Tectum Roadmap Update: Mobile App Development, Public Blockchain Launch and Other Products Coming...

UwU Lend offers a $5M bounty to whoever catches its exploiter

Injective (INJ) Escaped Out Of Range: Could It Stretch Beyond $40?

Solana’s BEER Token Plummets 85% Amidst Insider Sell-Off Indicating Memecoin Scam

Join our free newsletter for daily crypto updates!