The price of Bitcoin has been on a downward spiral, causing concern among investors. The cryptocurrency's value dropped to $58,500 before slightly recovering. Despite this, uncertainty still looms in the market. Individual investors are adopting a "buy the dip" mentality, hoping for a bullish trend. However, analysts warn of a potential long squeeze that could lead to further price drops.

Data from CoinGlass reveals that 76.69% of Bitcoin investors on Binance have taken long positions. This means that three out of four traders are betting on the price going up. However, a closer look at the data shows that individual investors are going long, while whales are trending bearish. This could lead to a situation where whales liquidate their positions, causing the price to drop further.

The behavior of Bitcoin whales is a cause for concern. These large investors are moving with a bearish tendency, which could put pressure on the market. If they decide to sell, it could lead to a further decline in the price of Bitcoin. This would allow short-selling whales to make profitable trades. Analysts are warning of a potential long squeeze that could lead to a significant price drop.

The price of Bitcoin recently dropped from $61,500 to $61,000 after the US government sent 4,000 BTC to Coinbase. This move has raised concerns about the potential impact on the market. Bitcoin's market capitalization stands at $1.2 trillion, while its trading volume has fallen to $22.6 billion. Investors are advised to exercise caution and conduct their own research before making any investment decisions.

In conclusion, the price of Bitcoin is experiencing a significant decline, and experts warn of further drops. Individual investors are adopting a bullish mentality, but whales are trending bearish. This could lead to a long squeeze that would result in a further price drop. Investors are advised to be cautious and conduct their own research before making any investment decisions.