Bitcoin Price Crashes Below $65,000, Drops 5% in 2 Hours Amid Six-Week Slump
Bitcoin dropped over 5% below $65,000 in two hours as large holders sold into a fragile market.Summary
The price of Bitcoin fell more than 5% in 24 hours on Sunday evening, breaching $65,000 as large holders moved coins onto exchanges and recent buyers sold at a loss, accelerating a decline that occurred mostly within two hours. This drop marks Bitcoin's first six consecutive negative weekly closes and three consecutive closes below its 2021 high. Data indicates active distribution, with whales driving exchange inflows to the highest level since 2015, signaling selling pressure. Despite the bearish price action and institutional selling pressure, major buyers remain active; Abu Dhabi's Mubadala Investment Company increased its IBIT stake, and Strategy bought another $168.4 million in BTC, continuing its accumulation streak.
(Source：Bitcoin Magazine)