The selling pressure posed a significant barrier to bitcoin’s price, sending the crypto lower. After the CoinDesk Bitcoin Index (XBX) briefly notched an all-time high of $69,208 at 15:04 UTC, BTC tumbled more than $1,000 in a minute. The sell-off then accelerated in waves, with the price first dropping below $65,000, then sinking further to as low as $59,700, CoinDesk Bitcoin Index data shows. At press time, BTC had bounced back to $62,800.
Source: https://www.coindesk.com/markets/2024/03/05/bitcoin-tumbles-6-after-hitting-record-high-as-mounting-sell-orders-cap-price-gains/?utm_medium=referral&utm_source=rss&utm_campaign=headlines