recently experienced a sharp decline after reaching an all-time high in March. Factors such as reduced demand, increased miner selling, and bearish market sentiment contributed to the dip.
By late April and early May now, Bitcoin has plummeted to a range between $57,000 and $62,955. Substantial liquidation events further exacerbated this steep decline, adding downward pressure on the cryptocurrency’s value. Bitcoin miners have also increased their selling activity. This is usually done to cover operational costs or capitalize on the price before it falls further, which can add to the selling pressure.
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