Bitcoin's price recovery is closely tied to the recovery of the hash rate, which will start once weak miners exit the market. Historically, Bitcoin's price has recovered after miner capitulation, but this process has taken time. Analyst Willy Woo believes that the price recovery will depend on weak miners exiting the market and the subsequent recovery of the hash rate.

Bitcoin's price has been falling, and the chances of it dropping to $60,000 are growing. The current situation is similar to the slow summer months when affluent investors typically go on vacation. The Bitcoin halving event occurred 61 days ago, and the hash rate recovery is expected to follow a similar pattern as in previous halving cycles.

The US Bitcoin ETFs have witnessed consecutive outflows, indicating a decline in institutional interest in Bitcoin. This has led to selling pressure on the Bitcoin price. Despite MicroStrategy's massive purchase of over 11,900 Bitcoin, the price continues to fall.