This week, the cryptocurrency market took a hit as Bitcoin, the leading digital currency, saw a sharp drop in value, hitting its lowest point in four weeks. What started as a hopeful period with easing inflation data quickly turned sour, especially for Bitcoin. 

Other top cryptocurrencies like Solana, Avalanche, Cardano, and Near also fell 15-20%, following Bitcoin’s lead.

New Weekly Low for Bitcoin Price

Bitcoin experienced a sudden decline of over 2% in just one hour, falling from $67,000 to $65,100. This marked a significant 7.5% drop over the past week, causing concern among investors. 

The market saw a tough period with nearly $214 million in leveraged derivatives liquidated in the last 24 hours alone, totaling over $870 million for the week. These liquidations aimed to reduce excessive risk, adding to the downward pressure on Bitcoin’s price. 

Moreover, recent economic data and Federal Reserve projections didn’t match investor expectations for a softer monetary policy, further dampening sentiment. Political uncertainty in Europe, particularly a snap election in France, also boosted the U.S. dollar index (DXY), adding to Bitcoin’s challenges.

Whale Dumping It’s Bitcoin Holding

Reports emerged of significant whale activity, with large Bitcoin holders selling off their holdings. Precisely, one Bitcoin whale transferred 15,975 units of the flagship cryptocurrency on 14 June. 

The coins were allegedly moved in a single transaction to the digital asset exchange Binance. This huge whale dump signals a bearish sentiment and possibly contributed to the slump the coin is recording.

Additionally, mining revenue has dropped, especially after April’s Bitcoin halving event. Analysts noted a substantial increase in mining costs post-halving, further straining Bitcoin’s market dynamics.

What Next For Bitcoin: $61K

Bitcoin is at a crucial point after failing to break above $67,500 this week. If it closes below this level, could trigger a downward spiral towards the 3-month EMA (currently around $64,800). 

Falling below this could push Bitcoin down to $61,000, the lower limit of its long-term rising channel.

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