Key facts
- Bitcoin's price dropped 5% to $68,700.
- Bitcoin fell below $67,000.
- Bitcoin broke a four-month ascending channel.
- Key support near $70,000 was lost.
- Over $600 million in long liquidations were triggered.
- Bitcoin rebounded to around $64,690.
- Whale transaction activity surged to a six-week high.
- Bitcoin holders saw an average unrealized loss of 11.9%.
- Michael Saylor's firm sold 32 BTC.
- EOS experienced an 11% decline.
- Galaxy Digital received top crypto stock ratings.
Bitcoin's price has experienced a significant downturn, falling 5% to $68,700 and breaching a four-month ascending channel, with key support near $70,000 lost. The drop to as low as $61,300 triggered over $600 million in long liquidations, leading to a rebound to approximately $64,690, a 5.52% recovery. Across all holders, the average unrealized loss has reached 11.9%, a notable decrease from prior averages. Whale transaction activity, defined as transfers of $100,000 or more, has surged to a six-week high. However, the direction of these transactions, whether for accumulation or distribution, remains undetermined. The Bitcoin Bull Score Index has fallen to extremely bearish levels, indicating a negative market sentiment. In a separate development, Michael Saylor's firm sold 32 BTC, marking its first sale since 2022. Despite the current bearish trend, analyst Aralez projects a potential all-time high of $250,000 by 2029. Amidst this market volatility, EOS experienced an 11% decline in value during the recent selloff. In the realm of crypto stocks, Galaxy Digital has been recognized with top quantitative ratings, even as Bitcoin's price slips.