The price of Bitcoin (BTC) has seen a downtrend in the lst few days, causing it to lose a significant percentage of the gain that it accrued recently.
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.
Unfortunately, the drop prompted 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.
It was discovered that some whales are dumping their Bitcoin holding. Precisely, one Bitcoin whale transferred 15,975 units of the flagship cryptocurrency on Friday. The coins were allegedly moved in a single transaction to digital asset exchange Binance. This huge whale dump signals a bearish sentiment and possibly contributed to the slump the coin is record
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