$BTC

Reasons for Bitcoin’s price drop:

1. Liquidation of long positions: The market witnessed a significant increase in the liquidation of Bitcoin long positions, with $85.4 million worth of these positions being liquidated, which increased the selling pressure on the price.

2. Outflows from investment funds: Data indicates that a series of continuous outflows for seven consecutive days may be the main factor behind the recent decline in Bitcoin’s price, which has lost about 25% of its value since its peak in March.

3. Market volatility and economic news: Financial markets are experiencing a state of continuous instability, which is reflected in the prices of cryptocurrencies.