Bitcoin drops the most in a month amid ETFs outflows
Bitcoin is down over 3% today, marking its biggest drop since May 10. Today's decline may also be linked to yesterday's outflow of funds from ETFs, which is the first outflow since May 9. It's worth noting that this was also a local price low, from which a clear rebound occurred, bringing prices back above $70,000.
Bitcoin is dropping below the short-term upward trend line and is testing the important demand zone ranging above $65,000. Just below this level there is the upper limit of the previously-broken descending trend channel, which could also form a flag pattern. The range of this pattern could extend to as much as $100,000. Conversely, if there is a return to the descending trend channel, this pattern could be invalidated. Interestingly, the declines in Bitcoin are due to internal factors rather than market-wide ones. The Nasdaq index remains near historical highs, indicating a clear divergence between these instruments.
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile app
Source: xStation5
