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CryptoXTimes > Article > News > Bitcoin Faces Massive Sell-Off As Price Drops Below $65,000
NewsBitcoin News

Bitcoin Faces Massive Sell-Off As Price Drops Below $65,000

Bitcoin drops below $65,000 amid massive sell-off.

Rubab Fatima
Last updated: June 21, 2024 4:27 pm
Rubab Fatima 12 months ago
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Bitcoin Faces Massive Sell-Off As Price Drops Below $65,000

In a dramatic turn of events, Bitcoin’s price has plummeted below the $65,000 mark, triggering a wave of liquidations amounting to over $140 million. 

This sharp decline underscores the mounting selling pressure facing the world’s first cryptocurrency. However, the sources of this pressure are multifaceted and reveal a complex interplay of market dynamics.

Bitcoin’s recent price action has raised alarms among traders and analysts. The digital asset has struggled to maintain its position above critical support levels, leading to a break below the 50-day Exponential Moving Average (EMA). 

Bitcoin Faces Coinbase Sell-Off

The decline has now brought Bitcoin perilously close to the 100-day EMA, further exacerbating bearish sentiments. Additionally, the Relative Strength Index (RSI) indicates growing bearish momentum, reflecting a market increasingly dominated by sellers.A critical factor in the current sell-off is the role of Coinbase, one of the largest cryptocurrency exchanges in the world. 

The Coinbase Premium Gap, a metric that compares the price of Bitcoin on Coinbase Pro with other exchanges, has turned significantly negative. This indicates that institutional investors are offloading substantial Bitcoin holdings on Coinbase, contributing to the downward pressure on prices.

Willy Woo, a prominent crypto analyst, has highlighted an ongoing phase of miner capitulation, which is compounding the market’s woes. According to Woo’s analysis of the Bitcoin Hash Ribbons, which track periods of miner stress and recovery, the current level of capitulation is unprecedented. 

This extended period of sell-offs by miners, who are liquidating their holdings to cover operational costs, is adding another layer of selling pressure.Woo suggests that recovery typically follows when the hash rate begins to rise again and weaker miners exit the market. However, until this transition occurs, the pressure from miner sell-offs is likely to persist, maintaining a bearish outlook for Bitcoin.

Further evidence of a bearish market comes from the significant drop in large USD transactions. This trend suggests that major players are either scaling back their positions or selling off their Bitcoin holdings. The Bulls and Bears indicator, which tracks the ratio of bullish to bearish addresses, corroborates this sentiment. 

The indicator shows a widening gap in favor of bearish addresses, indicating a prevailing mood of caution and selling among investors.The convergence of these factors paints a grim picture for Bitcoin in the short term. Coinbase’s role as a conduit for institutional sell-offs, combined with unprecedented miner capitulation and reduced participation from large investors, creates a perfect storm of selling pressure.

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TAGGED: Bitcoin, Coinbase, Crypto, Cryptocurrencies, RSI
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