Bitcoin's Price Plunges Below $62,000 Amid Selling Pressure

Bitcoin's price has been under pressure in recent days, with a significant drop below $62,000 on Friday. This move was accompanied by a contraction in market activity, as indicated by new on-chain data from CryptoQuant.

The data shows that spot demand for Bitcoin has fallen to -272,000 BTC on a 30-day cumulative basis, while futures demand has dropped to -229,000 BTC. This means that selling pressure has consistently outweighed buying activity throughout most of the year, even during brief periods of institutional inflows.

Analysts attribute this decline to negative macroeconomic conditions, including elevated bond yields and inflation. The oversold conditions could indicate that the bottom is approaching, but continued selling could extend the correction if demand fails to recover.