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Under Increasing Pressure, Bitcoin Crashes to $59,000 Price Level

Bitcoin price crashed to the $59,000 price level on Wednesday (6/24). This breakthrough of a crucial psychological support level immediately triggered mass panic in the market, causing $500,000,000 worth of long positions to be massively liquidated within just the last 4 hours due to the domino effect of the price decline.
​The main factor triggering this crash was the peak of market fear after the STRC instrument collapsed to the $81 level and Michael Saylor’s MSTR stock plummeted to $93. This drastic decline in the ecosystem’s supporting stocks was triggered by Strategy’s action of being caught selling 32 Bitcoins to pay STRC dividends, a step that damages the narrative of “will never sell” at a time when the new stock issuance scheme is increasingly difficult to maintain due to weak market conditions.
Market fear that the slump in STRC and MSTR stocks will force Strategy to release more BTC from their total reserve of 847,363 BTC for liquidity is the main cause of this Bitcoin price drop. Analysts now warn that if the $59,000 area fails to hold and this panic continues to spread, Bitcoin risks continuing to weaken towards the mid-$50,000 range.