Bitcoin's recent drop to a 53-day low could be due to a "cascading long squeeze," says analyst Willy Woo. This happens when investors betting on a price rise start selling as the price falls, causing a further drop. CoinGlass data shows a dip below $60,000, like the one on June 24 when Bitcoin fell below $59,000, would wipe $1.16 billion in long positions. Woo also highlighted the ongoing "post-halving miners capitulation" event, where miners sell their coins if Bitcoin falls below a certain price and mining becomes unprofitable. Bitcoin is currently trading slightly above $60,000.