Shocked, let's see why the cryptocurrency market fell today?

Bitcoin has experienced a significant decline recently, and the current price is $65,113 with a 24-hour trading volume of $169.865 million. There are many factors that have caused this decline. Let's analyze it in depth.

According to the view, there are three key factors that are currently causing BTC to fall:

1. Miner income and selling pressure:

- Miner income has fallen by 55%, forcing miners to sell more Bitcoin to cover costs.

- More and more Bitcoin is transferred from miners' wallets to exchanges, putting downward pressure on prices.

2. ETF withdrawal and selling pressure:

- Large withdrawals from major ETFs such as Fidelity and Grayscale have increased Bitcoin's selling pressure.

3. Stagnation in the stablecoin market:

- There is no new issuance in the stablecoin market, resulting in a decrease in the liquidity of the cryptocurrency market.

- The lack of new funds entering the market has led to increased price volatility.

Naturally, market price fluctuations have prompted short-term investors to sell their holdings due to concerns about future price declines.

Historical trends suggest that continued low miner revenue, coupled with high hash rates, could signal a possible market bottom, suggesting that the market could stabilize or rebound.

In mid-March, the price of Bitcoin exceeded $73,000 and has since been fluctuating in an average range of $71,000 and $61,000, with occasional declines. In early May, it slightly fell below $60,000 but quickly recovered.

Earlier this month, on June 1, 2024, the price of BTC was around $67,763. After three consecutive green candles, the price rose above $71,000 on June 5, 2024. Since then, the strength of BTC prices has been slowly weakening.

Overall, the Bitcoin market is currently facing multiple challenges, but historical data and key support levels provide some positive signals. If new funds can flow into the market in a timely manner and the selling pressure from miners and ETFs can be eased, the Bitcoin price is expected to stabilize and resume its upward trend in the coming period.

During the period of rising popularity, we must seize the opportunity and continue to bring strategies to fans. There is no routine and no money is collected.

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