Bitcoin Price Faces Drop to $60,000 After $1.6 Billion Sell-Off
Bitcoin has experienced significant selling pressure recently, and this has created concern in the market.
Major BTC whales and ETFs reduced their Bitcoin holdings, impacting market dynamics.
A statement made by a prominent crypto analyst suggests that the Bitcoin price may continue to fluctuate.
Bitcoin is Under Intense Selling Pressure
The cryptocurrency market has witnessed a severe selling pressure on Bitcoin in the last two weeks. According to data, $1.2 billion worth of Bitcoin was sold through BTC whales. Additionally, Bitcoin ETF outflows reached $460 million, increasing the downward pressure on the Bitcoin price.
Price Could Fall Towards $60,000
CryptoQuant Head of Research Julio Moreno stated that Bitcoin has broken short-term support levels and the price could fall towards around $60,000. Moreno emphasized that Bitcoin could fluctuate at these low levels until these dynamics change.
Adding to this perspective, crypto analyst Rekt Capital noted that Bitcoin price often clusters around the $71,600 resistance level, with eventual pullbacks towards $60,600.
