Why Bitcoin Price Fell ~7% to $66,000

Bitcoin's sharp 5% drop to $67,000 today can be attributed to several factors:

⚫ The US Jobs Report showed an increase of 272,000 jobs in May, indicating an overheated economy and reducing the likelihood of an interest rate cut this week.

⚫ The reaction to the macro data triggered liquidations of over $250 million in traders' positions, taking the BTC price to $69,000.

⚫ A dormant Bitcoin whale transferred 8,000 BTC ($535.6 million) to exchanges after 5.5 years.

⚫ Bitcoin miners sold 1,200 BTC yesterday, the largest daily sale since late March

Despite the drop, there is an increase in calls to buy Bitcoin on social media. Historically, when sell calls close the gap with buy calls, market panic and FUD occur, often leading to a bounce in the cryptocurrency.