Bitcoin (BTC) Price Dips 7% in 24 Hours, Succumbs to 17% Downtrend Since June 7 Correction

The yellow patch in the chart above shows how BTC price dipped 7% within the 24-hour timeframe. The pioneer cryptocurrency dropped from the peak of $64

Bitcoin price dropped 7% in the last 24 hours to bottom out at the $59,825 level on Monday, as miners sold a total of $760 million in BTC since the halving event in April 2024.

The pioneer cryptocurrency dropped from a peak of $64,491 recorded on Sunday, June 23rd, to hit a low of $58,295 on Monday morning. At the time of writing, BTC price had recovered slightly to trade at the $59,825 level, down 7.04% in the last 24 hours and 16.8% since the start of the ongoing correction phase around June 7.

Bitcoin price dropped 7% in the last 24 hours to bottom out at the $59,825 level on Monday, as miners sold a total of $760 million in BTC since the halving event in April 2024.

The pioneer cryptocurrency dropped from a peak of $64,491 recorded on Sunday, June 23rd, to hit a low of $58,295 on Monday morning. At the time of writing, BTC price had recovered slightly to trade at the $59,825 level, down 7.04% in the last 24 hours and 16.8% since the start of the ongoing correction phase around June 7.

As bear traders took over short-term momentum in both the Bitcoin spot and derivatives markets on Monday, a closer look at the underlying on-chain data trends reveals a much larger "elephant in the room."

Recall that the Bitcoin network executed its 4th quadrennial halving event on April 20, which slashed BTC block rewards from 6.25 BTC to 3.13 BTC.

Amid rising energy costs globally, and a high-interest rate burden, the majority of Bitcoin miners have since resorted to selling off huge portions of their reserves to offset running costs.

CryptoQuant’s miner reserves chart below tracks daily changes in BTC balances held by recognized Bitcoin mining firms and mining pools such as RIOT and Marathon Digital. The daily swings in the aggregate data below helps to track the miners’ sell-offs or accumulation trends in real-time.

News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-btc-price-dips-hours-succumbs-downtrend-june-correction.html

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