Dear Readers,

We have all witness the fall wave in the crypto markets.

At the time of drafting this article the global cryptomarket valued at $2.25 Trillion, a lower of 1.82% from yesterday. 

BTC currently trades at $ 60633, a lower of 1.93% from yesterday.

But, what it matters most is that BTC witnessed a heavy liquidation by the long terms holders. 

The noted blockchain analytics company IntotheBlock said in a X post that a total of $10 billion which is equal to 160K BTC was sold in May 2024 alone. And the long term BTC holders have been continuously reducing their BTC holdings in 2024. 

This is a major thing to be noted for all of us. 

As they are the long time holders and the consistent investors, there is a broad sentiment shift  denoted the behaviour in the market again. 

But the consolation is that 40000 BTC was only sold in the month of June which is noted as a slow down in selling. But the liquidation trend is on.

But the major prospective thing is that BTC is trading at its strong support zone @ $60000.

If it breaks, the other support zones are at $59500 and $ 58500 as well. 

The other interesting news is that from the data from CryptoQuant indicates that about 90% drop in miner withdrawals- which suggest a drastic cut in selling pressure from this quarter.

The reduced mining activity may be due to decreased profitability, prompting miners to scale back to their operations and sell fewer coins.

When BTC is at its bottom, broadly there are one part of the sentiment is that the traders may look this into a prospective buying zone and enter into the market. 

As BTC trades at a crucial juncture, we need to be extra careful.

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