The cryptocurrency market has been in a downward spiral, dropping over 3.40% in the past 24 hours to $2.27 trillion. The price of Bitcoin is $62,505, down 6% from the past week.
This downward trend is attributed to various factors. Perhaps the most significant is the sale of $200 million worth of BTC reserves by miners, the largest sell-off in over a year and the lowest point in 14 years.
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Data from IntoTheBlock shows that around 54,500 addresses hold 30,300 BTC, with prices ranging from $64,300 to $70,800, causing supply constraints. If the price of the cryptocurrency continues to drop, these holders may decide to sell their tokens to limit losses, increasing downward pressure on prices.
Furthermore, some predict that BTC could reach $60,000 soon, perhaps within a week.
