LIVEWhy Bitcoin Price Dropped by ~7% to $66k TodayBitcoin's sharp 5% decline to $67k today can be attributed to several factors:
๐ The US Employment Report showed an increase of 272,000 jobs in May, indicating an overheating economy and reducing the likelihood of an interest rate cut this week
๐ The macro data reaction caused over $250m worth of liquidations in traders' positions, pushing BTC price to $69k
๐ A dormant Bitcoin whale transferred 8,000 BTC ($535.6m) to exchanges after 5.5 years.
๐ Bitcoin miners sold 1,200 BTC yesterday, the largest daily sale since the end of MarchDespite the drop, there is an increase in calls to buy Bitcoin on social networks. Historically, when sell calls close the gap with buy calls, market panic and FUD set in, often leading to a cryptocurrency bounce.โช
