Understanding Today’s Bitcoin (BTC) Price Drop: Key Factors and Analysis
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- Bitcoin’s price has recently recovered above $60,000, but its momentum appears to be slowing down.
- This slowdown is attributed to factors such as reduced demand for Spot Bitcoin ETFs.
- Experts suggest that Bitcoin may continue to trade around the $67,000 price range without a significant catalyst.
Bitcoin’s price recovery above $60,000 is slowing down due to reduced demand for Spot Bitcoin ETFs and other factors. Experts predict a continued trade around the $67,000 price range unless a significant catalyst emerges.
Spot Bitcoin ETFs Losing Momentum
Spot Bitcoin ETFs, which recorded billions of dollars in net inflows in the first three months of launch, have seen a decline in demand since the start of this month. This has affected Bitcoin’s bullish momentum, causing the crypto to trade sideways. Research firm Kaiko’s recent report also notes a steady drop in net inflows across all ETFs.