Here’s Why The Bitcoin Price Is Crashing And What To Expect Next
Bitcoin fell sharply from above $70,000 amid multiple selling pressures. One reported trigger was Tether moving 204 BTC from its reserve wallet to Bitfinex, fueling fears of direct reserve sales. Mt. Gox also transferred 10,422 BTC, and Bitcoin ETFs have seen 12 straight days of net outflows, including $519 million in one day. Strategy’s disclosure that it sold 32 BTC for the first time since 2022 added to concern. Broader macro stress, including U.S.-Iran tensions and liquidity competition from upcoming IPOs, also weighed on price. Analyst Chiefy expects a short-term relief bounce first, then a larger decline, calling the current setup one of BTC’s weakest in this bear cycle. Charts suggest a possible drop toward $60,000, near February’s low. BTC was trading around $66,700, down more than 5% on the day.
