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.
Bitcoin mining has undergone a notable shift over the past decade, moving away from hydrocarbon fuels and adopting more sustainable energy practices.
In a recent live address, U.S. President Donald Trump declared that a new base tariff of 10% would be applied universally to all countries.
Metaplanet, a Tokyo-based investment firm, has continued its aggressive push into Bitcoin by acquiring an additional 160 BTC for approximately $13.3 million.
Bitcoin’s downward trend could persist longer than expected, according to some analysts who see similarities with the 2022 bear market.