Bitcoin’s price has dropped from $64k to $62k, coinciding with a daily net outflow of $217 million from US listed Exchange Traded Funds (ETFs). An analyst predicts that if Bitcoin falls below $63.3k, it could see a bearish extension, potentially dropping as low as $59k. Despite the outflows, Bitcoin has remained stable above $60k after the halving event, trading between $62k-67k. The recent decline in price is also attributed to higher borrowing costs due to US inflation data, which has negatively affected speculative assets like cryptocurrencies. JPMorgan has noted a weakening correlation between Bitcoin ETF prices and inflows, with the correlation dropping from 0.84 to 0.60. In the past 24 hours, liquidations have reached $60 million, with BTC contributing $13.48 million. Analysts predict another downturn within the next two weeks, similar to the pullback witnessed in 2016. However, Bitcoin is expected to remain above $60k and the post-halving danger zone in the coming weeks. Ali Martinez has observed a sell signal on BTC’s 12-hour chart, suggesting a potential fall to $61k or even $59k if it falls below $63.3k.
