Bitcoin, being the king of the crypto jungle, has been on a higher move for days. However, for a few days this week, it is bowing low. what could be the possible reason why Bitcoin King is bowing low?
CoinMarketCap Reveals New Weekly Low for Bitcoin Price
According to data from CoinMarketCap, Bitcoin price is trading at $65,423.17 with a 3.1% drop within the last 24 hours. This level is the lowest that the coin has seen in more than a week. This drop led to a flurry of crypto long position liquidations that topped more than $100 million in an hour and over $150 million over the past day. Several factors with a compounded effect are contributing to the Bitcoin price slump at the moment.
- Some whales are dumping their Bitcoin holding
- Low mining revenue which recently began after the Bitcoin halving event that held in April
These events triggered the selling pressure that Bitcoin is also experiencing. Bitcoin hashrate is also showing signs of a decline as more resources are now required to mine a block. In all, the a surge in over-the-counter (OTC) sales of Bitcoin cannot be discounted in the current price effect.
