The incoming selling pressure from the Mt. Gox repayment could still cause Bitcoin’s price to fall below the psychological $60,000 mark.
Bitcoin experienced the liquidation of over $122 million in leveraged long positions as its price dropped below the $61,000 mark, raising the risk of potentially falling below the critical $60,000 threshold.The liquidations were triggered by an over 5% intraday drop in Bitcoin’s price, which briefly fell below the $61,000 mark at 1:25 pm UTC on June 24.
This could introduce significant sell pressure for the market, according to Eric Balchunas, a senior exchange-traded fund analyst at Bloomberg. He wrote in a June 24 X post: The wallet has held nearly 50,000 BTC since February 2024, worth over $3 billion at Bitcoin’s current price of above $61,000.Following the price drop to sub $61,000, Bitcoin’s price has become the most oversold since it was trading at the $26,000 mark.
This is based on the relative strength index , a popular momentum indicator used to measure whether an asset is oversold or overbought based on the magnitude of recent price changes.The last time Bitcoin’s RSI was below 30 was in August 2023, when BTC was trading at the $26,000 mark.
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