A Bitcoin analyst noted that Bitcoin's (BTC) recent 53-day decline could be explained by a "long squeeze" as miners continue to sell. “Speculators continued to add to new long positions, providing further fuel for further liquidation,” analyst Willy Woo said. According to CoinGlass data, a drop below $60,000, as Bitcoin did below $59,000 on June 24, would have resulted in a $1.16 billion drop in long positions. However, a similar 3.73% upward swing would have wiped out $2.18 billion in short positions. This shows that traders have more confidence that the price will fall.

“Given that there is fear in the market, it is important to understand what is happening,” Woo said. The Crypto Fear and Greed Index, which measures market sentiment for Bitcoin and the overall cryptocurrency industry, has fallen to its lowest level in almost 18 months.

Woo also stated that miners are continuing to sell Bitcoin and theorized that "when mining becomes unprofitable, miners will shut down their hardware and sell their coins." “On top of this liquidation squeeze, there is a post-halving situation of miners surrendering,” Woo said. “While miners selling Bitcoin can pay for the necessary upgrades, the weakest miners are closing shop and liquidation occurs,” Woo explained.

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