Bitcoin prices drop as $140M liquidated, heavy selling pressure from institutions, miners, and decreased big USD transactions

From Investing.com: 2024-06-21 14:30:23

Bitcoin prices dropped below $65,000 with $140M liquidated, facing selling pressure. Price action shows difficulty holding key support levels, with a decline on the daily chart and bearish momentum per RSI. Coinbase’s negative premium gap reveals heavy selling, aligning with miner capitulation and decreased big USD transactions, amplifying bearish sentiment.

Willy Woo’s analysis highlights record miner capitulation, a sign of stress and recovery. A decrease in big USD transactions suggests major players scaling back. The Bulls and Bears indicator reveals a bearish sentiment, with more selling than buying. Multiple sources of selling pressure include Coinbase executing institutional orders and miners cashing out to cover expenses.

Read more at Investing.com: Here’s Who’s Selling Bitcoin (BTC) Right Now, Pushing Price Down By U.Today