Why Is The Bitcoin Price Down Today?
2024年6月27日 - 11:30PM
NEWSBTC
The Bitcoin price is in a decline once more, after seeing some
recovery on Wednesday due to the turnaround in the Spot Bitcoin
ETFs net flows. However, just one day later, it seems the pioneer
cryptocurrency has resumed the downtrend and this decline after the
recovery has begun a worrying trend. So, what are the factors that
are driving this decline? Bitcoin Price Suffers From Sell-Offs One
of the major factors that have been behind the Bitcoin decline is
the major sell-offs that have rocked the digital asset. These
sell-offs are not just from any investor, but rather large BTC
sells being orchestrated by large governments. Related Reading:
Bitwise CIO Expects $15 Billion To Flow Into Spot Ethereum ETFs,
How Will ETH React? One of the major news that rocked the space was
the fact that the German government had begun selling coins. In
total, the German government sold around 2,786 BTC, which was worth
around $$140 million at the time of the sale. However, the German
government is not the only one that has been selling. News also
broke that the US government had begun moving Bitcoin seized from
the Silk Road bust once again. On-chain data aggregator Arkham
reported that the US government had moved almost 4,000 BTC from its
wallets to the Coinbase exchange. In total, the US government moved
3,940 BTC to the exchange, which amounted to $241.22 million at the
time of the transaction. This transfer is worrying as coins are
usually moved to centralized exchanges such as Coinbase for sale as
these trading platforms possess deeper liquidity compared to their
decentralized counterparts. Has BTC Reached Its Bottom? While the
downtrend looks to have resumed, there are signs that point to the
bottom being closed. One of these signs is the return of demand
into the market. For example, the Spot Bitcoin ETFs had seen seven
consecutive days of outflows, which eventually turned around on
Tuesday. Data from Coinglass shows that between Tuesday and
Wednesday, inflows into the Spot Bitcoin ETFs have crossed $50
million, ending the brutal week of outflows. Related Reading:
Triangle Formation That Sparked The 2017 XRP Rally Returns, What’s
The Target? Another possible tell is the profit and loss margin for
investors. This shows how many Bitcoin investors are currently
seeing profit, and the higher the profitability, the higher the
likelihood of a sell-off as investors take profit from their
positions. However, the profitability levels have dropped, meaning
that investors are less likely to sell their holdings as they wait
for better prices. This often gives demand time to build up and
create a possible bounce point for a recovery. For now, the Bitcoin
price is holding steady at the $61,000 support at the time of
writing. But if sell-offs resume, then the pioneer cryptocurrency
could fall to the $60,000 level soon. Featured image created with
Dall.E, chart from Tradingview.com
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