Bitcoin Under Pressure from Miners, ETFs, and Strategy

Bitcoin is facing pressure from multiple sources as miners, ETFs, and Strategy, one of the largest corporate holders, sell their holdings. Miners have sold a significant amount of Bitcoin in recent weeks, with Riot Platforms selling 9,665 BTC and MARA Holding selling 23,093 BTC. The funds recorded about 6,195 BTC in net outflows last week, worth roughly $385 million.

Strategy had been a steady source of buying demand, but that support has now started to slow. This year alone, Strategy has sold 6,948 BTC so far this year, cashing out approximately $432.5 million. However, whale wallets have accumulated around 30,000 BTC in the past 17 days, which may be helping Bitcoin stay above the $60,000 level.

Crypto analyst Ali Martinez notes that if selling continues to rise, the next major downside target is near $54,276. The key support zone to watch is between $63,111 and $61,849, with more than 2 million BTC previously transacted in this range. If Bitcoin holds this range, buyers could try to push the price back toward $64,500-$64,700.