The price of Bitcoin (BTC) fell 5.8% between June 23 and 24, hitting a seven-week low of $59,700. Despite a slight recovery to $60,400, $153 million in long BTC futures were forced to liquidate due to insufficient margin. 📉

Traders are now wondering whether deteriorating conditions in the cryptocurrency market indicate a longer bear market or just momentary panic.

Concerns were raised after the bankruptcy of the Mt. Gox has announced an upcoming payout in Bitcoin. In May 2024, Mt. Gox transferred 141,686 BTC worth $8.6 billion, the first move from the collapsed exchange in more than five years.

The recent transfer of nearly 6,500 BTC on June 19 from a wallet attributed to the German government has also sparked speculation about a possible sale.

Despite the possibility of interest rates being cut by the end of the year in the US, traders are more focused on the uncertainty surrounding the US presidential election in November and inflation data.

In this scenario, characterized by a moderate degree of fear, uncertainty and doubt (FUD), Bitcoin traders have become increasingly risky, especially after the price of BTC has fallen 16% since June 7.