The crypto market is still in the red since the crypto market cap flies over $100 billion in one day.
BTC cost tonight dropped another 8 percent, below the threshold of 33,000 USD.
The recent fall occurred as long positions worth almost 1000 Bitcoins were liquidated in the last hour.
Specifically, CryptoQuant explained: “In the past hour, the number of orders with liquidated long positions was 991.69 BTC. AICoin shows a liquidation of $244 million, and liquidated long positions account for 75%.”
It resembles the existing BTC fall will last for a little while.
Analyst Willy Woo forecasts that the stock exchange will decide Bitcoin’s next cost action no matter on-chain fundamentals.
Miners Still Holding Bitcoins
Despite that the crackdowns from China, Bitcoin miners continue to hold on the cryptocurrency.
CryptoQuant CEO Ki-Young Ju stated that the sum of Bitcoin from miners moving to exchanges is diminishing.
Since March 2021, the indicator showing the sum of Bitcoin moved by miners into the market has decreased significantly.
Last Saturday, Chinese police forced miners in Sichuan to “shut down”. It is estimated that almost 90 percent of Bitcoin mining ceased after the Sichuan crackdown.
Prominent crypto analyst PlanB claims that bad news from China and Elon Musk’s tweets were the key contributors to the BTC cost dip.
He expects the selling will slowly decrease in the remaining days of June and July.
However, he also claimed that “considering the worst-case scenario”, the BTC cost is still very likely to reach $135,000 at the end of the year.
Bitcoin is under $34K, triggered by Elon Musk’s energy FUD and China’s mining crack down.
There is also a more fundamental reason that we see weakness in June, and maybe July. My worst case scenario for 2021 (price/on-chain based): Aug>47K, Sep>43K, Oct>63K, Nov>98K, Dec>135K pic.twitter.com/hDONOVgxH1
— PlanB (@100trillionUSD) June 20, 2021
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Compiled by ToiYeuBitcoin