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CryptoIntelligence 2024-06-28 01:55:03

Bitcoin Drops to 53-Day Low Amid Cascading Long Squeeze and Miner Sell-Offs

Bitcoin Drops to 53-Day Low Amid Cascading Long Squeeze and Miner Sell-Offs

Bitcoin‘s recent plunge to a 53-day low can be attributed to a “cascading long squeeze” as miners continue to offload their holdings, according to Bitcoin analyst Willy Woo. “Speculators kept adding to new long positions, just adding more fuel for more liquidations in a cascading long squeeze,” Woo, a pseudonymous Bitcoin analyst, wrote in a June 24 X post. A long squeeze occurs when investors holding long positions (betting on a price increase) start selling as the price drops to minimize their losses. This triggers further price declines, causing more long-position holders to sell. This is the opposite of a

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