Bitcoin fell below $57,000 on July 4, reaching $56,769 per unit. It is still struggling to maintain the $57K level at 9:30 a.m. EDT on Thursday, dipping beneath and rising above the range on several occasions.

Neil Roarty, an analyst at Stocklytics, pointed out that bitcoin hit its lowest price since February. “Investors have been spooked by two unlikely whales that may be able to sell large volumes of bitcoin: the German government and the bankrupt cryptocurrency exchange Mt Gox,” Roarty wrote.

The analyst added:

Should an additional 200,000 bitcoin – valued at more than $10 billion – hit markets in a short space of time, supply will likely outstrip demand, and we could see the price of bitcoin drop even further.

QCP Capital also noted the downturn on Thursday. QCP mentioned that bitcoin miners are showing signs of capitulation, a historical indicator of price bottoms, similar to the last significant hashrate drawdown in 2022 when BTC traded at $17,000. However, the options market shows signs of positivity the crypto firm explained.

“Despite the sell-off in crypto, the options market is still optimistic as we continue to see interest heavily skewed towards [ethereum calls] for [September and December expiries],” QCP wrote. “Liquidation clusters on BTC and ETH are heavily skewed to the topside, opening up potential short squeezes. With S-1 Form approvals [around] the corner, an approval may result in a hard bounce in [ethereum],” the company added.

Amid the market decline, crypto derivatives exchanges saw liquidations totaling $305.43 million. Of these, $270 million were long positions, with $92.6 million coming from bitcoin long positions. According to coinglass.com, about 121,992 traders faced liquidations, with the largest being a BTC trade that resulted in a $10.49 million loss.

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