tl;dr
Bitcoin fell approximately 6% from its new all-time high on Tuesday due to heavy selling on crypto exchanges, which capped the price surge beyond $69,000. Large sell orders clustered at higher price levels on Binance, including over 300 BTC, worth about $20 million, to be sold at $69,000 and more th...
Bitcoin fell approximately 6% from its new all-time high on Tuesday due to heavy selling on crypto exchanges, which capped the price surge beyond $69,000. Large sell orders clustered at higher price levels on Binance, including over 300 BTC, worth about $20 million, to be sold at $69,000 and more than 500 BTC for sale at $70,000. This selling pressure posed a significant barrier to bitcoin’s price, causing a rapid drop in value. After briefly reaching an all-time high of $69,208, BTC tumbled more than $1,000 in a minute and dropped to as low as $64,700. This pullback sent BTC down 2% over the past 24 hours, underperforming the broader market.
Bitcoin's decline was part of a larger trend connected with heavy selling on Binance. More than 300 BTC, worth about $20 million, was to be sold at $69,000 and over 500 BTC for sale at $70,000, leading to a significant pullback. This drop in value affected the broader market, with BTC underperforming the CoinDesk 20 Index's advance. The rapid price movement indicates volatility in the cryptocurrency market, impacting not only Bitcoin, but other cryptocurrencies like ether and solana as well.
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