"Hmm, maybe next week will the price of BTC make a significant movement?"
The price of cryptocurrency king Bitcoin (BTC) slipped back to $66,299 as the United States (US) Producer Price Index (PPI) data release for May 2024 was found to be lower than expected overall.
The decline in the price of BTC was also triggered immediately after BTC miners sold their holdings due to the rising production costs coupled with an increase in Over-the-counter (OTC) desk sales.
According to Ali Martinez, a leading crypto analyst who attributed this current market outlook to the BTC halving event going public in April 2024 has said that mining costs for BTC have increased significantly after the halving.
A few days ago, transfers from mining pools to Binance surged to a 2-month high of over 3,000 BTC and this shift coincided with a price correction that brought BTC down to $66,000.
With June only two weeks gone, Marathon Digital Holdings Inc has sold 1,400 BTC compared to May which was only 390 units which is a sale representing 8% of their BTC holdings.
It is also worth noting that BTC transaction fees dropped drastically from 117 to 65 BTC, but if demand from BTC ETF spot producers remains strong then the price could head higher.
As of this writing, BTC price has plunged by 1.74% to $66,725 in the last 24 hours with a market capitalization of $1.3 trillion and a further 5.78% decline over the past week.