Bitcoin (BTC) drops below $57K again amid strong selling pressure
Bitcoin drops below $57K due to major institutional sell-offs and market pressure. Short-term holders face unrealized losses, could trigger market volatility if they decide to cut their losses. $51K is a crucial support level and long-term investors might see this as a buying opportunity. Bitcoin (BTC) has once again slipped below $57,000 as its turbulent journey continues. At press time, BTC was trading at $56,749.40, down 5.32% in a week. This latest dip is driven by a confluence of factors, including significant institutional sell-offs, the pressure from short-term holders facing unrealized losses, and ongoing spot market selling. Institutional sell-offs impact Bitcoin price A major factor behind Bitcoin’s price decline is the heavy selling activity by institutional investors. Prominent players such as Fidelity, Grayscale, Ark Invest, and Ceffu have significantly contributed to the downward pressure. Fidelity leads the charge, having sold 16,000 B...