Bitcoin (CRYPTO:BTC) has endured a tumultuous month of June, characterised by significant price declines attributed largely to miners selling off over 30,000 BTC, amounting to approximately $2 billion.
The accelerated pace of these sell-offs follows Bitcoin's recent halving event, which slashed miners' rewards and squeezed profit margins.
Analysts suggest that until weaker miners exit the market and hash rates stabilise, Bitcoin's price may continue to face downward pressure, potentially dipping below $60,000.
Additionally, concerns over a substantial supply barrier between $64,300 and $70,800 could further exacerbate selling pressures if holders in that range decide to liquidate, adding to Bitcoin's current woes.