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Bitcoin Price Crashes to $62,000 as Whale Transactions Drop to Eight-Month Low

Rida Fatima Crypto Journalist Author expertise
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Bitcoin grapples with significant selling pressure, dropping to a new 40-day bottom of $62,667 as of Monday, June 24.

As institutional investors’ focus drifts towards Ethereum and the soaring stock markets, BTC has shed over $150 billion from its market capitalization. This represents a more than 12% decline between June 21 and June 15. 

Below is a breakdown of Bitcoin’s possible trajectory in the coming days.

Whale Investors’ Bitcoin Transactions Hit Eight-Month Low

Bitcoin has posted a bearish outlook for most of June following stiff competition with roaring stock market prices and Ethereum ETFs for investors’ attention. 

Moreover, its decline below the $65,000 price level is likely because of a decline in trading activities. According to data from IntoTheBlock, BTC whale transactions have declined rapidly since March 2024.

Bitcoin recorded 4,580 separate large transactions above $100,000. Historically, the last time BTC whale transactions dropped below 4,580 was on October 9, 2023, about eight months ago. 

Hence, Bitcoin whale transactions hitting an eight-month low could signal a possible decline to $60,000 in the coming days. This decline in whale activity may have contributed to the ongoing downtrend in Bitcoin’s price.

IntoTheBlock notes that the behavior of long-term holders is a key indicator for understanding a market cycle. The data reveals that long-term Bitcoin holders began selling their holdings in January.

Conversely, long-term Ethereum holders have continued to accumulate ETH tokens. Ethereum currently has more yield opportunities, making it a more attractive option.

Additionally, the report notes that Bitcoin long-term holders began taking profit after the Spot ETF-led price surge. However, Ethereum holders still anticipate the launch of the Ethereum Spot ETF and a possible rally. 

In addition, IntoTheBlock revealed the halving event in April slashed miners’ profits, leading to a sell-off. Per the report, Bitcoin miners sold over 30,000 BTC tokens in June worth approximately $2 billion, with miner inventories hitting 14-year lows. So, these additional BTC sales also contribute to the price decline observed in June.

Bitcoin Shows Bearish Trend, What Next for the Apex Cryptocurrency?

BTC has lost 8.9% of its gains in the last 30 days as sellers continue to pressure. As of 5:50 AM EST, Bitcoin trades at $61,349, with a 4.5% decline in the past 24 hours.

Bitcoin Price Crashes to $62,000 as Whale Transactions Drop to Eight-Month Low

Bitcoin has entered a descending channel, forming lower lows on the daily chart. It has declined below the $63,500 price level and is dropping to the $60,500 support.

Also, BTC is trading below the Parabolic SAR indicator which suggests a further decline for the asset. The RSI indicator is in the oversold region with a value of 28.45, implying that sellers are still in control.

Bitcoin will likely drop below the $60,500 price level if buying activity remains low in the coming days until the buyers re-enter the market. 

Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
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Rida Fatima Crypto Journalist

Rida Fatima Crypto Journalist

Rida is a dedicated crypto journalist with a passion for the latest developments in the cryptocurrency world. With a keen eye for detail and a commitment to thorough research, she delivers timely and insightful news articles that keep her readers informed about the rapidly evolving digital economy.

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