• BTC was down by more than 4% in the last 24 hours alone.
• A few of the metrics suggested that BTC might witness a trend reversal.

Bitcoin [BTC] continued to remain bearish as it witnessed multiple price corrections. Though there must be various factors at play causing the price drop, one of the most important reasons is high selling pressure. Will this cause BTC’s value to plummet further?

Investors are selling Bitcoin

Bitcoin’s price action caused the entire market to turn bearish as the king of crypto’s value dropped by over 14% last week. In the last 24 hours alone, BTC’s value dropped by over 4%.

At the time of writing, BTC was trading at $61,396.57 with a market capitalization of over $1.2 trillion. In the meantime, tugbachain, an analyst and author at CryptoQuant, posted an analysis highlighting Bitcoin’s exchange reserve.