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Under Increasing Pressure, Bitcoin Crashes to the $59,000 Price Level
Bitcoin’s price crashed to the $59,000 level on Wednesday (24/6). A break of this crucial psychological support level immediately triggered widespread panic across the market, causing long positions worth $500,000,000 to be massively liquidated within just the last 4 hours due to the domino effect of the price decline.
The main factor behind this crash was the peak of market fear after the STRC instrument collapsed to the $81 level and Michael Saylor’s MSTR stock fell to $93. The sharp decline in these stocks that support the ecosystem was driven by Strategy’s action of being found selling 32 Bitcoin to pay STRC dividends, a move that undermines the “never sell” narrative as the new share issuance scheme becomes increasingly difficult to maintain amid weak market conditions.
Market fear that the plunge in STRC and MSTR stocks will force Strategy to release more BTC from its total reserves of 847,363 BTC for liquidity is the primary 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 further weakening toward the mid-$50,000 range.