{"id":33592,"date":"2024-07-04T12:04:47","date_gmt":"2024-07-04T12:04:47","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-plummets-5-amid-massive-sell-off\/"},"modified":"2024-07-04T12:04:47","modified_gmt":"2024-07-04T12:04:47","slug":"bitcoin-plummets-5-amid-massive-sell-off","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-plummets-5-amid-massive-sell-off\/","title":{"rendered":"Bitcoin plummets 5% amid massive sell-off"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/05\/BTC-red-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/05\/BTC-red-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/05\/BTC-red-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/05\/BTC-red-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>Bitcoin price dropped below $58,000 on Thursday, touching lows of $57,166.<\/li>\n<li>The nearly 5% decline came amid fresh sell-off pressure, with whales and government wallets selling BTC.<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\"><a href=\"https:\/\/coinjournal.net\/bitcoin\/\">Bitcoin<\/a> traded to under $58,000 on Thursday, decreasing nearly 5% in 24 hours amid massive sell-off pressure. According to CoinMarketCap, BTC price reached lows of $57,166 across major cryptocurrency exchanges.<\/span><\/p>\n<p><span style=\"font-weight: 400\">While price has recovered to above $57,800, Bitcoin remains down 3.9% in the past 24 hours and 5.4% in the past week.<\/span><\/p>\n<figure id=\"attachment_213498\" aria-describedby=\"caption-attachment-213498\" class=\"wp-caption alignnone\"><img loading=\"lazy\" fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-213498 size-full\" src=\"https:\/\/coinjournal.net\/wp-content\/uploads\/2024\/07\/BTC_1D_graph_coinmarketcap.png\" alt=\"\" width=\"1200\" height=\"800\"\/><figcaption id=\"caption-attachment-213498\" class=\"wp-caption-text\"><a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener\">Bitcoin price chart on CoinMarketCap<\/a><\/figcaption><\/figure>\n<h2><span style=\"font-weight: 400\">BTC plunges below $58k as sell-off intensifies<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Per data shared by Spot On Chain, Bitcoin\u2019s sharp price decline today has come amid huge selling pressure.<\/span><\/p>\n<p><span style=\"font-weight: 400\">On-chain data <\/span><a href=\"https:\/\/x.com\/spotonchain\/status\/1808815525633667174\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">shows<\/span><\/a><span style=\"font-weight: 400\"> massive BTC offloading by government-linked wallets and whales, which the analyst says are reasons likely behind the dump. <\/span><\/p>\n<p><span style=\"font-weight: 400\">One of these is a whale who moved 3,500 BTC worth over $206 million to Binance, with this unidentified large holder\u2019s wallet still holding 4,368 BTC currently valued around $256 million.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The German government, which has <a href=\"https:\/\/coinjournal.net\/news\/germans-bka-transfers-more-bitcoin-to-exchanges-including-kraken-and-bitstamp\/\">actively sold BTC in recent weeks<\/a>, also transferred more Bitcoin to exchanges today. On-chain data shows 3,000 bitcoins moved today, with 1,300 BTC going to different CEX platforms. <\/span><\/p>\n<p><span style=\"font-weight: 400\">Also notable is the 237 bitcoin transfer by the US government wallet and another 1,023 BTC deposit to Binance by a whale.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Meanwhile, Mt.Gox repayments have reportedly began and this could add to more downside pressure for Bitcoin, Bitcoin Cash and other cryptocurrencies.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">BTC could drop to $50k<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Bitcoin recently rebounded from near $57k and the area looks to be a key area for bulls.<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, with increased pressure amid a broader market downturn could mean a fresh demand zone will be lower. Per analysts at IntoTheBlock, breaching $60k could see bears targeting lower support levels.<\/span><\/p>\n<figure id=\"attachment_213497\" aria-describedby=\"caption-attachment-213497\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-213497 size-full\" src=\"https:\/\/coinjournal.net\/wp-content\/uploads\/2024\/07\/btc-into-the-block.jpg\" alt=\"\" width=\"1710\" height=\"282\"\/><figcaption id=\"caption-attachment-213497\" class=\"wp-caption-text\">Bitcoin price support levels. Source: <a href=\"https:\/\/x.com\/intotheblock\/status\/1808768295404806183\" target=\"_blank\" rel=\"noopener\">IntoTheBlock on X<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">\u201cHistorically, demand just below $60k has been weak, suggesting further downward pressure. The next significant demand zone lies between $40,000 and $50,000,\u201d the platform <\/span><a href=\"https:\/\/x.com\/intotheblock\/status\/1808768295404806183\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">posted<\/span><\/a><span style=\"font-weight: 400\"> on X.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Meanwhile, former BitMEX CEO Arthur Hayes<\/span> <a href=\"https:\/\/x.com\/CryptoHayes\/status\/1808822686010745156\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">thinks<\/span><\/a><span style=\"font-weight: 400\"> the downside pressure for BTC is likely to continue \u201cuntil morale improves.\u201d<\/span><\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/bitcoin-plummets-5-amid-massive-sell-off\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) Bitcoin price dropped below $58,000 on Thursday, touching lows of $57,166. The nearly 5% decline came amid fresh sell-off pressure, with whales and government wallets selling BTC. Bitcoin traded to under $58,000 on Thursday, decreasing nearly 5% in 24 hours amid [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":33593,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/33592"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=33592"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/33592\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/33593"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=33592"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=33592"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=33592"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}