"The movement of BTC is scary too, it's really unexpected."
Failing to hold its position, the price of cryptocurrency king Bitcoin (BTC) bled up to $68,396 in the past two days shortly after the NFP data in the United States (US) for May 2024 published last Friday showed stronger than expected.
Reportedly, NFP data jumped 272,000 last month topping all 77 estimates in a Bloomberg survey of economists while two- and 10-year Treasury yields rose about 12 basis points.
Increased yields often reflect higher borrowing costs which can lead to a reduction in risk appetite, where investors tend to move away from risky assets such as stocks and cryptocurrencies in favor of safer investments.
It should be noted that the drop in price was also triggered in the middle of BTC supply held by whales of at least 100,000 BTC declined 0.2% in the last 48 hours as it may want to redistribute holdings to smaller addresses or exchange them for cash.
According to technical analyst Ali Martinez, about 22,647 BTC worth $1.57 billion was issued across crypto exchanges in the past week and this means the digital asset may be leaving centralized exchanges for storage in other platforms which could push its price higher.
There is no denying that BTC has seen a significant plunge, but the price recovered above $69,500 on the latest Commitment of Traders (COT) report from the Commodity and Futures Trading Commission (CFTC).
As of this writing, the price of BTC has jumped by 0.42% to $69,544 in the last 24 hours with a market capitalization of over $1.3 trillion and is up 1.99% over the last week.
