Bitcoin (BTC) Price Reaches New Weekly Low as Whales Dump Holdings

The price of Bitcoin (BTC) has been experiencing a downward trend over the past few days, resulting in it losing a sizeable portion of the gain it had

The price of Bitcoin (BTC) has been on a downward trend for the past few days, wiping out a significant portion of the recent gains.

Bitcoin Price Reaches New Weekly Low

According to CoinMarketCap, the price of Bitcoin is currently trading at $65,423.17, indicating a 3.1% decrease over the past twenty-four hours. This level marks the lowest point that Bitcoin has reached in almost a week, as reported by Coingape.

The crash resulted in a wave of cryptocurrency long position liquidations, which exceeded $100 million in just one hour and over $150 million for the day. Currently, the price of Bitcoin is on a slippery slope, and several converging factors may be amplifying the decline.

Whale Bitcoin Sell-Off, Mining Woes Impact BTC Price

It was discovered that several whales are selling off their Bitcoin holdings. A single Bitcoin whale moved 15,975 units of the flagship cryptocurrency on Friday.

कथित तौर पर, सिक्के एक एकल क्रिप्टोक्यूरेंसी लेनदेन में डिजिटल एसेट एक्सचेंज बिनेंस को हस्तांतरित किए गए थे। यह विशाल व्हेल डंप एक मंदी की भावना को इंगित करता है, जो सिक्के की वर्तमान गिरावट में योगदान दे सकता है।

Additionally, the issue of low mining profits, which began shortly after the April Bitcoin halving event, is also coming into play. Ali Martinez on X noted that the mining revenue for Bitcoin increased drastically after halving the supply. Currently, the average cost to mine a single Bitcoin is at $77,000.

“This rising cost has led to a wave of capitulation among Bitcoin miners over the past month,” Ali states.

As a result of this scenario, the miners’ earnings dropped to $35,000 from a previous increase to $78,000. This 55% loss could simultaneously be adding to the selling pressure that Bitcoin is facing.

Furthermore, the Bitcoin hashrate is showing signs of decreasing as more resources are now required to mine a block. One factor that cannot be overlooked is the massive over-the-counter (OTC) Bitcoin trades.

According to Deribit, around 97,782 Bitcoin options will expire on June 28th, with a notional value of $6.55 billion. Considering the put-call ratio of 0.49 and the maximum pain threshold set at $55,000, the price of Bitcoin may continue to face selling pressure for a while longer.

Demand for Bitcoin ETFs to Push BTC Forward

One major twist in the market outlook for the coin could be reversing a bull run.

Interestingly, the demand for Spot Bitcoin ETFs might influence the price of Bitcoin to move in the direction of the recent optimistic projections. Pro-Bitcoin proponent and market trader PlanB anticipates the price to be on track to close this year at $100,000, aiming for $500,000 by 2025.

Galaxy Digital CEO Mike Novogratz also predicted that Bitcoin could reach $100,000 by the year’s end, applauding the tighter regulations. Notably, the next few weeks will be crucial in determining the price of Bitcoin, especially if the current downturn continues for an extended period.

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