Bitcoin (BTC) has been facing a price slowdown recently after recovering above $60,000. One of the main factors believed to be contributing to this tepid price movement is the reduced demand for the Spot Bitcoin ETFs. Despite recording billions of dollars in net inflows in the first three months of launch, the demand for these funds has declined since the start of this month. Research firm Kaiko highlighted in a recent report that net inflows across all ETFs have been steadily dropping, ultimately affecting Bitcoin’s bullish momentum, leading to the flagship crypto trading sideways.
Expert Insights
Andrey Stoychev, Head of Prime Brokerage at Nexo, previously cautioned that Bitcoin was unlikely to experience a significant price surge without a catalyst. He mentioned that Bitcoin would likely continue to trade around the $67,000 price range, indicating that the crypto token might keep bouncing off the support and resistance levels in the meantime. Analyzing Bitcoin’s price performance in the last 24 hours, it is suggested that the recovery above $60,000 might not necessarily indicate a bullish reversal.
Crypto analysts have differing opinions on the future price movements of Bitcoin. Mikybull Crypto forecasted that Bitcoin could drop below to clear the CME gap at around $62,580, relating to the gap in the CME’s Bitcoin futures market during weekends. The analyst also mentioned that Bitcoin might need to surpass the $67,000 price level and consolidate before moving towards $73,000. Despite the predictions of sideways trading, Mikybull Crypto believes that the local bottom for Bitcoin is in.
In anticipation of a potential price surge, now could be considered an excellent time to accumulate Bitcoin. Analyst Ali Martinez pointed out that Bitcoin’s Market Value to Realized Value (MVRV) 90-day ratio indicates that it is still in a “prime buy zone.” This suggestion may appeal to investors looking to take advantage of potential price movements in the cryptocurrency market.
Current Price and Market Outlook
As of the latest data, Bitcoin is trading at around $63,400, showing a decrease of over 1% in the last 24 hours. The struggle to hold above $64,000 reflects the current market sentiment surrounding Bitcoin. While predictions and analyses provide some insights into potential future movements, the cryptocurrency market remains volatile and unpredictable. It is essential for investors to conduct their research and assess the risks involved before making any investment decisions.
Overall, the evolving dynamics of the cryptocurrency market, combined with external factors such as regulatory developments and market sentiment, contribute to the fluctuating prices of Bitcoin and other digital assets. Keeping abreast of the latest updates and expert opinions can help investors navigate this rapidly changing landscape and make informed decisions regarding their investment strategies.