BitCoin News: Bitcoin fell by 9% today, Beeple NFT makes massive profit

Well BTC was at 60k and now we are at 55k… whats up with that?, here are some Reasons Why Bitcoin Price Plunged Below $55,000

The price of Bitcoin fell by 9% in four hours due to a combination of negative on-chain and technical factors.

According to CoinMarketCap, over the past 24 hours, Bitcoin has fallen in price by almost 9%.
At 9:41 GMT, the price reached a local low at around $54,568 on the Bitfinex exchange. However, at the time of writing, the BTC/USD pair was trading at $56,390.


Most liquidations occurred on the Binance and Bybit exchanges.

According to the observations of analysts at Glassnode, the inactive supply of Bitcoin for the last 3-6 months has reached a five-month high.

This may indicate a revival among investors wishing to lock in unrealized profits from investments in the first cryptocurrency.
Moreover, before the drop occurred, on-chain data analytics platform CryptoQuant pointed out large BTC deposits into Gemini.

In addition to the selling pressure from whales, the recent Bitcoin rally being led by stablecoin inflows into exchanges was another bearish sign.

“Coinbase Premium Index was always significantly high when $BTC price breaking 20k, 30k, 40k, and 50k. It was significantly negative when the price breaking 60k. This 60k bull-run is not US institution-driven, it all came from stablecoins.”


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