Bitcoin Price Decline Continues Amidst Increased Selling Pressure

Krutika Adani

Price Hits New Monthly Low

Bitcoin hit a new monthly low of $64,597 due to increased sales pressure.

BTC Expected to Remain Low Till Q3, 2024

The price will remain suppressed in the coming months for several fundamental reasons.

Low Stablecoin Volumes

10x Research has cited low stablecoin holdings as a major reason for big investors' lack of buying interest.

Increased Miner Sales

Earlier, Markus Thielen, who heads 10x Research, also said that miner sales would keep Bitcoin under pressure in the coming few months after the Bitcoin Halving.

Levels to Watch

At press time, Bitcoin reached a level near $65k, which also acts as a minor support. Bitcoin must stay above $70k for a new ATH, a significant resistance.