Since the start of June, investors have been watching Bitcoin (BTC), the world’s premier cryptocurrency, with an increasingly wary eye.
Indeed, despite the long-standing hopes that the various positive developments of 2024 – such as the approval spot BTC exchange-traded funds (ETFs) – will drive the coin’s price up toward $100,000 or even to $300,000 as some experts have predicted, the actual crypto market moves have been quite different.
For much of the last 30 days, BTC has been on a downtrend and fell as much as 11.23%. Bitcoin price today stands at $61,437 – well below its multi-month average between approximately $65,000 and $67,000.
BTC 30-day price chart. Source: Finbold
While it is difficult to positively identify the source of the current selling pressure that caused BTC to drop from just below $67,000 to just above $61,000, recent weeks have featured several events likely to have made traders ‘sell happy,’ leading to some $100 billion in losses in t
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