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Increasingly Under Pressure, Bitcoin Crashes to $59,000 Price Level
Bitcoin's price crashed to the $59,000 price level on Wednesday (6/24). This breach of the crucial psychological support level immediately triggered mass panic in the market, causing $500,000,000 in long positions to be massively liquidated in just the last 4 hours due to the cascading 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 crashed to $93. This drastic decline in the stocks supporting the ecosystem was triggered by Strategy's action of being caught selling 32 Bitcoin to pay STRC dividends, a move that undermines the "never sell" narrative at a time when new share issuance schemes are increasingly difficult to sustain due to weak market conditions.
Market fears that the slump in STRC and MSTR stocks will force Strategy to sell more BTC from its total reserve of 847,363 BTC for liquidity are the main cause of this Bitcoin price crash. Analysts are now warning that if the $59,000 area fails to hold and this panic continues to spread, Bitcoin risks continuing its weakness toward the mid-$50,000 range.