tldr; June has been a challenging month for Bitcoin, with significant price declines attributed to large-scale sell-offs by Bitcoin miners. Following a halving event that reduced their rewards and squeezed profit margins, miners sold over 30,000 BTC, valued at approximately $2 billion, marking the fastest sell-off pace in over a year. This surge in sales, coupled with lackluster price movement and the need to cover operational costs, led to a plummet in Bitcoin's price from around $70,000 to below $63,000. Analysts suggest that Bitcoin's recovery depends on the exit of weaker miners and a subsequent recovery in hash rate, but it remains vulnerable to further declines if selling pressure continues and significant supply barriers are not overcome.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
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