The Price of Bitcoin Fell Below $63,000 – How Far Will It Go?

The crypto market is in decline, down over 3.40% in the last 24 hours to $2.27 trillion.

Bitcoin is trading at $62,505, down 6% in the last week.

This downward movement is due to multiple factors.

Perhaps the most significant of these is that BTC miners have sold $2 billion worth of reserves, which is the biggest sell-off in over a year and has led to a 14-year low.

IntoTheBlock’s data shows that about 5.45 million addresses hold 3.03 million BTC priced between $64,300 and $70,800, creating a supply barrier. 

If the price of the cryptocurrency drops further, these holders may decide to sell their coins to limit losses, increasing downward pressure on the price.

There have also been some predictions that BTC could reach $60,000 soon, perhaps within the week.