Bitcoin's 5.3W defense line is broken, revealing the truth of Bitcoin's plunge!
The Bitcoin market has recently experienced a deep correction, with prices falling from a high of $60,000 to a two-month low of $56,952. Ethereum also followed the decline, and the entire cryptocurrency market showed a general downward trend. The market liquidation amount reached $207 million, with a large proportion of long orders. Supported by multiple positive factors such as "halving + ETF + election", the market has different views on the reasons for the correction, but the truth is: First, the German government sold Bitcoin. At the beginning of this year, the German police seized 50,000 Bitcoins related to the operation of pirated websites. These Bitcoins began to be transferred and sold in June this year. So far, about 9,600 have been sold, and about 40,359 remain. These selling actions may have a certain impact on the stability of the cryptocurrency market.
Secondly, the huge compensation issue of Mt.Gox has once again attracted market attention. The BTC and BCH repayment work originally planned to start in early July has been tested with small transfers on July 4.
At the same time, the fund flow data of Bitcoin spot ETF also shows the market's concerns. After 5 consecutive days of net inflows, net outflows occurred for the first time on July 3, with a total of 20.4495 million US dollars. This data change is closely related to the price trend of Bitcoin. In the past, the price of Bitcoin rose when there was net inflow, and fell when there was net outflow.
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