BTC is under heavy pressure and falls to $57,230! Five factors reveal the mystery of the decline
Bitcoin has recently suffered a Waterloo, with the price plummeting to $57,230, shaking the market. Behind this decline, five major reasons are intertwined and jointly promote this wave of decline.
ETF fund withdrawal storm: The spot ETF market is shocked by the outflow of funds, sweeping like a tsunami, and BTC ETF is not immune and has suffered heavy losses. Giants have sold millions of dollars of tokens, the market is under huge selling pressure, and the losses are shocking.
Liquidation frenzy: The liquidation volume has risen sharply, from 14 million yesterday to 36 million today. This astonishing growth rate is staggering, and market liquidity is facing severe tests.
Selling tide under the plight of miners: As the hash rate declines, mining income plummets, miners face a survival crisis, and have to reluctantly sell BTC to maintain operations, exacerbating the oversupply situation in the market.
The shadow of government selling: Rumors of the German government selling BTC spread quickly in the market like wildfire, and investors panicked and rushed to sell their assets before the plunge to avoid being deeply locked in.
Market sentiment fell to the freezing point: On the market chart, red became the main color, and bearish sentiment permeated the entire market. Investors' confidence has fallen to the bottom, and bullish sentiment has almost disappeared.
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