Recent Bitcoin holders sell $770M BTC at a loss amid $65K BTC price calls
More than 10,000 Bitcoin have been sold at a loss by short-term holders in recent days, adding fuel to analysts’ predictions that BTC price will fall to $65,000.
Bitcoin (BTC) price dropped to $76,500 on Monday, erasing nearly all of this month’s gains as fresh US-Iran war tensions soured the crypto market sentiment. This has led investors and traders to reevaluate their risks and stay cautious, with many recent buyers selling their BTC at a loss.
Key takeaways:
Bitcoin has retraced 7% from its local high of $82,800 set on May 6. The rejection from the 200-day moving averages at $82,000, the daily close below the true market mean, and the short-term holder cost basis around $78,000 have cemented a more risk-off stance among Bitcoin investors.