Bitcoin (BTC) Prices have been stagnant, recently exceeding $60,000. This tepid price movement is believed to be due to several factors, including decreased demand. Spot Bitcoin ETF.
Spot Bitcoin ETF has lost its luster
of Spot Bitcoin ETF It recorded billions of dollars in net inflows in its first three months of service. This contributed to the huge rally recorded by Bitcoin immediately after the funds were approved, sending the flagship cryptocurrency to all-time highs. Updated all-time high (ATH) March. But since the beginning of this month, demand for these funds has declined.
Research company Kaiko also I got it. Recent reports show that net inflows across all ETFs have been steadily declining for some time. This ultimately affected Bitcoin's bullish momentum, with the flagship cryptocurrency trading sideways.Bitcoin price performance over the past 24 hours suggests a recovery above $60,000 That wasn't necessarily the case Bullish reversal.
Andrey Stoychev, head of prime brokerage at Nexo, said: was forewarned Without a catalyst, Bitcoin is unlikely to experience a significant price spike. He added that the crypto token is likely to continue trading in the $67,000 price range. This means that we can expect Bitcoin to continue bouncing off support and resistance during that time.
The silver lining is that demand for spot Bitcoin ETFs may recover soon, and when it does, these funds are likely to provide a much-needed boost to Bitcoin prices.A trend reversal for these ETFs seems imminent, especially after Grayscale's GBTC recorded The first day of net inflow is May 3rd.
Another reason why Bitcoin price is falling
Crypto Analyst Mikybull Crypto He also recently predicted that Bitcoin could fall to clear this level. CME (Chicago Mercantile Exchange) Gap Approximately $62,580. This price difference exists because the CME Bitcoin futures market is not open on weekends. The crypto analyst added that the situation could improve if Bitcoin clears the CME gap.
The analyst also said that the bottom for crypto tokens is now, suggesting that the worst may be over, regardless of whether Bitcoin continues to trade sideways. Predict Bitcoin will need to wipe it out $67,000 price level It needs to consolidate before it climbs towards $73,000.
As crypto analyst Ali Martinez puts it, now appears to be the perfect time to accumulate major cryptocurrencies in anticipation of this price hike. Bitcoin market value and realized value (MVRV) 90-day ratio shows it is still in the “prime buy zone.”
At the time of writing, Bitcoin was trading at around $63,400, down more than 1% in the past 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
