BTC price tonight dropped another 8%, below the threshold of 33,000 USD.
The recent drop occurred as long positions worth close to 1000 BTC were liquidated in the past hour.
Specifically, CryptoQuant said: “In the past hour, the number of orders with liquidated long positions was 991.69 BTC. AICoin shows a liquidation of $244 million, and liquidated long positions account for 75%.”
It looks like the current BTC drop will last for a while.
Analyst Willy Woo predicts that the stock market will determine Bitcoin’s next price action regardless of on-chain fundamentals.
Miners Still Holding Bitcoins
Despite the crackdowns from China, Bitcoin miners continue to hold onto the cryptocurrency.
CryptoQuant CEO Ki-Young Ju said that the amount of Bitcoin from miners moving to exchanges is decreasing.
Since March 2021, the index showing the amount of Bitcoin transferred by miners to the exchange has decreased significantly.
Last Saturday, Chinese authorities forced miners in Sichuan to “shut down”. It is estimated that nearly 90% of Bitcoin mining stopped after the Sichuan crackdown.
Prominent crypto analyst PlanB says that bad news from China and Elon Musk’s tweets were the main contributors to the BTC price plunge.
He expects that the selling will gradually decrease in the remaining days of June and July.
However, he also asserted that “considering the worst case scenario”, BTC price is still likely to reach $135,000 by the end of the year.
Bitcoin is below $34K, triggered by Elon Musk’s energy FUD and China’s mining crack down.
There is also a more fundamental reason that we see weakness in June, and possibly July. My worst case scenario for 2021 (price/on-chain based): Aug>47K, Sep>43K, Oct>63K, Nov>98K, Dec>135K pic.twitter.com/hDONOVgxH1
— PlanB (@100trillionUSD) June 20, 2021
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