Bitcoin's price faces a potential 75% correction as major investors, often referred to as whales, are offloading $2 billion in Bitcoin holdings. This significant liquidation activity could lead to increased market volatility and downturn.
Recent price movements saw Bitcoin dip below $59,000 before slightly recovering above $60,000. However, the cryptocurrency continues to struggle with maintaining support, consistently closing below important technical indicators like the 50 and 200-day moving averages.
This continued trend below critical moving averages indicates a bearish sentiment in the market, with investors wary of potential further price declines.
