Bitcoin's Price Plunges Below Critical Supports Amid Growing Selling Pressure

Bitcoin's price has been on a downward trend since it reached $62,900 and dropped to $59,043, marking a decline of about -6.13%.

The key now lies in the daily close, as if the price confirms breaking below supports at $61,475 and $60,844 at 00:00 UTC, it could lead to further decline towards the next relevant support around $58,150.

However, this potential support area does not seem particularly strong. The previous reaction showed limited defense, suggesting that if selling pressure continues, Bitcoin's price might extend towards the $54,879 support zone, where the market may seek absorption or liquidity.

According to CryptoQuant's Realized Price metric, Bitcoin's realized price currently stands at $53,418.60 based on June 23 UTC data. This means that the $54,879 zone is only about $1,460 above it, a difference of roughly 2.73%.

The MVRV Ratio also reinforces this reading, as it currently stands at 1.1179 with BTC near $59,685. If MVRV falls below 1, the market capitalization would fall below realized capitalization, indicating that the aggregate market would enter unrealized losses.