Bitcoin Faces Potential Drop Below $64K Amid Selling Concerns

Bitcoin's price could dip below $64K as miners and US spot ETFs reduce their holdings, raising concerns over increased supply pressure.

Bitcoin's price is under scrutiny as it may potentially fall beneath the $64,000 mark, a scenario that has become a growing concern among investors. Veteran analysts are raising alarms regarding what they term ‘campaign selling’, a phenomenon that could intensify the downward trend in Bitcoin's value.

Current market dynamics reveal that Bitcoin miners and US-based spot exchange-traded funds (ETFs) are reducing their exposure to BTC. This reduction not only reflects a cautious sentiment among these entities but also contributes to an increase in the supply of Bitcoin available in the market. As the supply rises amidst a fragile downtrend, the risk of a more significant price decline looms large.