Why Is The Bitcoin Price Falling Today?
2024年5月7日 - 9:00PM
NEWSBTC
Bitcoin (BTC) has experienced a price slowdown, having recently
recovered above $60,000. This tepid price movement is believed to
be due to a couple of factors, including the reduced demand for the
Spot Bitcoin ETFs. Spot Bitcoin ETFs Have Lost Their Spark
The Spot Bitcoin ETFs recorded billions of dollars in net inflows
in the first three months of launch. This contributed to the
significant rally that Bitcoin recorded right around when the funds
were approved, with the flagship crypto rising to a new all-time
high (ATH) in March. However, demand for these funds has declined
since the start of this month. Related Reading: Crypto
Analyst Says Cardano Bloodbath Far From Over, Sets Bottom Price For
ADA Research firm Kaiko also noted in its recent report that net
inflows across all ETFs have steadily dropped for a while now. This
has ultimately affected Bitcoin’s bullish momentum, with the
flagship crypto trading sideways. Bitcoin’s price performance in
the last 24 hours suggests that the recovery above $60,000 wasn’t
necessarily a bullish reversal. Andrey Stoychev, Head of Prime
Brokerage at Nexo, had previously warned that Bitcoin was unlikely
to experience any significant price surge without a catalyst. He
added that the crypto token would likely continue to trade around
the $67,000 price range. That means one can expect Bitcoin to keep
bouncing off the support and resistance in the meantime. The
silver lining is that the demand in the Spot Bitcoin ETFs could
pick up soon enough, with these funds likely to provide a
much-needed boost to Bitcoin’s price when that happens. A trend
reversal for these ETFs looks imminent, especially after
Grayscale’s GBTC recorded its first day of net inflows on May
3. Another Reason Why Bitcoin’s Price Is Down Crypto analyst
Mikybull Crypto also recently predicted that Bitcoin could drop
below to clear the CME (Chicago Mercantile Exchange) gap at around
$62,580. This price gap exists because the CME’s Bitcoin futures
market doesn’t run on weekends. The crypto analyst added that
things could pick up once Bitcoin clears the CME gap. Related
Reading: Shiba Inu Price Prediction: Crypto Analyst Says Massive
Surge Is Coming, Here’s The Target The analyst also suggested that
the worst may be behind, irrespective of whether Bitcoin continues
to trade sideways, as he stated that the crypto token’s local
bottom is in. However, Mikybull Crypto also predicts that Bitcoin
will need to clear out the $67,000 price level and consolidate
before it can move towards $73,000. In anticipation of this
price surge, now looks to be an excellent time to accumulate the
flagship crypto as crypto analyst Ali Martinez mentioned that
Bitcoin’s Market Value to Realized Value (MVRV) 90-day ratio
indicates that it is still in a “prime buy zone.” At the time of
writing, Bitcoin is trading at around $63,400, down over 1% in the
last 24 hours, according to data from CoinMarketCap. BTC
price struggles to hold $64,000 | Source: BTCUSD on Tradingview.com
Featured image from Born2Invest, chart from Tradingview.com
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