BITCOIN PRICE DROPS AND MARKET DYNAMICS

The price of Bitcoin (BTC) has dropped to around $56,700, causing a ripple effect in the crypto market. On-chain analysis reveals that there's no significant investor interest between $59,901 and $62,095, leading to a price drop. Miner reserves have fallen to 2014 levels, and exchange inflows have increased, indicating a sell-off. Whale transactions remain high, and the German government's BTC transfers continue despite the price drop. The market is experiencing a significant decline, with Bitcoin long liquidations reaching $60 million in futures markets. #bitcoin☀️