Bitcoin slumped by another 2% today as it ended a poor week which has seen it lose more than 4%, placing it on track for a monthly drop of 10%.
Despite the slump, the world's largest cryptocurrency is still up around 40% in 2024, having hit a record high back in March.
Neil Roarty, analyst at Stocklytics, said: “Investors appear genuinely split on where the leading cryptocurrency goes next.
“Perhaps the most bearish indicator is the on-chain analysis which suggests that some of Bitcoin’s biggest whales are cashing in.
By some measures, the largest BTC holders have together sold more than $1 billion worth of the coin over the last couple of weeks.
"If they know something the rest of the market doesn’t, it won’t be long until others follow the example.”
Bitcoin traded at around US$63,616 compared to the US dollar on Friday.