The post Bitcoin (BTC) Price Prediction After The Recent BTC Price Drop appeared on BitcoinEthereumNews.com.

Bitcoin’s price has seen a notable decline, falling below $64,000. Several factors have contributed to this downturn, impacting the broader cryptocurrency market. Let’s delve into the main reasons behind Bitcoin’s current price struggles and what they mean for investors. Bitcoin Price Drop Analysis Bitcoin has experienced a persistent drop in price over the past week. Despite an attempt to reach $66,000, sellers quickly reestablished their positions, leading to a significant price dip. As of now, Bitcoin trades below $64,000, with the broader cryptocurrency market also feeling the pressure. The past 24 hours saw around $150 million worth of liquidations, with a majority of long positions being wiped out. This price drop is in line with a simultaneous decline in the stock market, where leading stocks like NVDA, AAPL, and MSFT have also seen decreases. Key Factors to the Price Drop Trader Fatigue and Fear: One major factor is trader fatigue, which has reached record levels. Analysts report that the market sentiment is largely fearful or disinterested at the current price range. This extended level of fear, uncertainty, and doubt (FUD) often precedes a bounce, rewarding patient investors. However, the retail crowd is still largely absent, adding to the stagnation. ETF Outflows: Another significant factor is the substantial outflows from Bitcoin exchange-traded funds (ETFs). In the past week, spot Bitcoin ETFs in the US saw a total of $900 million in outflows. Notably, on June 20, Nasdaq-listed spot Bitcoin ETFs recorded a massive net outflow of $139.9 million, marking the fifth consecutive day of net outflows. Funds like Grayscale’s GBT and Fidelity’s FBTC led these outflows, significantly impacting Bitcoin’s price. Bitcoin Price Prediction: Will BTC Price Go Back Up? Analysts have suggested some new all-time highs for Bitcoin in the few upcoming months. The new target prices suggested before could even…

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Filed under: News - @ June 21, 2024 12:10 pm