**Bitcoin Dips Below $60K as Institutional Buying Pauses**
Bitcoin's price has taken a hit, dropping 3.9% in the past 24 hours to $58,930. This decline follows a high of $62,510 earlier in the week. The drop is attributed to institutional investors halting their stablecoin purchases, according to onchain analytics platform Lookonchain.
- **Key Points:**
- Institutional investors stopped receiving and transferring USDT from Tether Treasury to exchanges.
- This pause in stablecoin inflows indicates reduced buying pressure.
- Bitcoin needs to reclaim $60,600 to regain upward momentum, says analyst Rekt Capital.
Stay tuned for more updates on the crypto market!
