Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. The Bitcoin price has suffered a significant crash, falling from above the psychological $70,000 this week. Crypto pundit Nobler cited why the leading crypto was crashing, while analyst Chiefy revealed what to expect next from BTC. Why The Bitcoin Price Is Crashing
In an X post, Nobler revealed that the USDT issuer Tether was liquidating some of its BTC holdings, which was contributing to the Bitcoin price crash. He noted that this was the first time they had sold directly from their BTC reservewallet. The pundit added that things were not looking good for crypto. Related Reading Bitcoin Moves Into Accumulation Zone That Will Send It On Next All-Time High Run To $250,000 1 day ago
On-chain datashowed that Tether moved 204 BTC from its wallet to the Bitfinex exchange, sparking concerns of a sell-off. Tether is among a host of entities believed to have dumped BTC recently, sparking the Bitcoin price crash. The defunct crypto exchange Mt. Goxalso transferred 10,422 BTC, worth almost $740 million.
Furthermore, Bitcoin ETFsare contributing to the massive sell-off in BTC, with these funds on a 12-day streak of net outflows. They recorded a net outflow of $519 million yesterday, according to SoSoValue data. During these 12 days, these funds also recorded a net outflow of $733 million on May 27.
Meanwhile, it is worth noting that the Bitcoin price crash began earlier this week, as Michael Saylor’s Strategy revealedin its SEC filing that it had sold 32 BTC. This was the first time that the Bitcoin treasury firm had sold BTC since 2022. This has raised concerns about what this could mean and how much more BTC the company could sell moving forward.
The Bitcoin price has also crashed due to macro factors such as the U.S.-Iran war, with a peace deal looking unlikely anytime soon. BTC is also battling for liquidity amid upcoming IPOs, such as Elon Musk’s SpaceX, which is expected to go public this year. What Is Next For BTC
In an X post, crypto analyst Chiefy, who had predicted the Bitcoin price crash to $67,000, revealed what is next for BTC. He stated that a relief bounce would come next, giving market participants false hope before an even bigger leg down. The analyst added that structurally, this is one of the weakest setups that BTC has seen in this bear cycle. Source: Chart from Chiefy on X
The analyst’s accompanying chart showed that the Bitcoin price could still crash to as low as $60,000, reaching its February low. Crypto analyst Tony echoeda similar sentiment, predicting that BTC could still dropto $60,000, although he expects a short-term relief bounce.
Related Reading: Bitcoin Trend That Has Held For 15 Years Shows When To Expect The Bottom And When $400,000 Will Happen
At the time of writing, the Bitcoin price is trading at around $66,700, down over 5% in the last 24 hours, according to datafrom CoinMarketCap. BTC trading at $67,254 on the 1D chart | Source: BTCUSDT on Tradingview.com Featured image from Pixabay, chart from Tradingview.com