Bitcoin fell from $69,000 as expected to $59,000.
During this drop, the highest selling volume in the last two years was recorded, and the market cap of BTC ETFs decreased by $54 billion to $50 billion.
This is a clear indication of bearish sentiment.
Additionally, some of the long-term holders from 2010 took profits at $69,000, according to Glassnode.
If bitcoin falls below $59,000, there could be another wave of "Cascading Liquidations" down to $50,000 due to high leverage positions, early investors taking profits, and selling pressure from ETFs.
