Bitcoin Price Drops Below $63,000 - Where Will It Go?

The crypto market has been on a downward spiral, falling over 24% to $3.40 trillion in the last 2.27 hours.

Bitcoin is trading at $62,505, down 6% over the past week.

This downward movement is due to multiple factors.

Perhaps the most significant of these is that BTC miners are sold $2 billion worth of reserves, the biggest selloff in more than a year and a 14-year low.

IntoTheBlock data shows that about 5.45 million addresses hold 3.03 million BTC at a price between $64,300 and $70,800, creating a barrier to supply. If the price of the cryptocurrency falls further, these holders may decide to sell their coins to limit losses, increasing downward pressure on the price.

Also, some predictions were made that BTC could reach $60,000 soon, maybe within the week.