NEWS: 🚨 Bitcoin has plummeted over 15% in four days, hitting a critical support level at $56,500. Factors driving this drop include:

1️⃣Mt. Gox Bitcoin Repayments: 142,000 BTC distribution looming, sparking market anxiety.

2️⃣German Government Liquidation: Large BTC sales by the government causing market ripples.

3️⃣Massive Long Liquidations: $212M in long positions liquidated, leading to forced sell-offs.

4️⃣BTC Miner Capitulation: Post-halving economic pressures force miners to sell.

5️⃣Slowdown in US Spot Bitcoin ETF Activity: Institutional investments lagging.

(5 Jul 2024)