The Reasons Behind Bitcoins 5 Plunge Today

CryptoSlate reports:
One of the reasons Bitcoin plummeted 5% today is due to massive sell-offs by the US and German governments, among others.
Bitcoin (BTC) is currently experiencing one of its most bearish periods this year, plummeting nearly 21% from its peak of $72,144 on June 7th. The downward trend has persisted for four weeks, breaching multiple support levels.
Bitcoin fell another 5% today.
On June 25th, after retesting $58,000, the premier cryptocurrency exhibited commendable resilience amid economic downturns, leading to a consolidation period lasting six days. Consolidation ended with an uptick from June 29th to July 1st. Investor sentiment is now poised for a potential bullish recovery in July.
However, despite this shift, some market observers warn that hostile actions may resume. Dr. Martin Hiesbeck, Director of Research at Uphold, echoed these sentiments. As reported by The Crypto Basic yesterday, Hiesbeck alerted investors to Bitcoin’s double top on the weekly chart, a bearish signal.
Interestingly, this anticipated downtrend has now materialized with Bitcoin’s 5% drop today. The crypto token has now relinquished price thresholds of $59,000 and $58,000, opting for a bearish stance, currently trading at $57,426. This latest nosedive is attributed to repeated sell-offs by several whales.
Reason for BTC decline: Whale sell-offs
Spot On chain (SOC), an on-chain analytics platform, highlighted four major sell-off incidents. In their report, they identified 3,500 BTC ($206 million) moved to Binance. Although the involved whales remain anonymous, they likely dumped their holdings to offload them. The address still holds 4,368 BTC.