Bitcoin fell 10.8% from $65,062 to $58,053 over the past two days as interest-rate cut hopes waned. It has dropped 12% over the last three months and is currently 20% below its peak of nearly $74,000 in March.

Key charts analyzed by CryptoQuant’s Maartunn reveal several factors behind the decline. Short-term holders, who bought Bitcoin at higher prices, are selling at break-even, adding resistance. Open Interest in Bitcoin futures has surged 31%, indicating increased speculation, while U.S. Bitcoin ETFs have seen $195.65 million in net inflows, mostly from large holders.

The price drop has led to a spike in liquidations, with $55 million in Ethereum and $90 million in Bitcoin long liquidations. Open Interest has decreased by $2.2 billion as traders exited positions. The market needs stabilization, making on-chain data monitoring essential for future price trends.