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Why is BTC suddenly collapsing today?
Bitcoin Price Forecast: The largest digital asset made another surprise move in the bullish direction on Friday, increasing its market value by 2.6% in 24 hours to $62,988. Despite a small change in value, the entire cryptocurrency market is glowing with the hope of extending the bullish outlook into the weekend.
Major altcoins such as Ethereum, SolanaToncoin and others accelerated similarly to BTC, contributing to a modest 2.2% increase in the total cryptocurrency market value of $2.45 trillion.
Bitcoin Price Forecast: Where ETF Outflows Persist
Traders will be on the lookout this weekend, aiming to determine whether BTC price has the potential to support the uptrend. A daily close above $63,000 will go a long way in establishing the bullish thesis.
However, the negative flows in the Bitcoin ETF market present a contradictory picture. Second SoSoValuea platform that tracks the ETF market, a net outflow volume of $11.29 million was recorded on May 9. Grayscale’s GBTC leads the way with $43 million withdrawn.
While most of the remaining ETF operators experienced net inflow volume, led by BlackRock’s IBIT, of $14 million, their cumulative impact on the price of Bitcoin has shrunk significantly.
Bitcoin ETF Data
In the first two months since the approval of ETF products in the United States, the volume of net inflows increased on a daily basis, which helped improve market sentiment and trigger a notable rally to a record high of $73,837 in March .
Even though the value of outflows has decreased in recent days, investors are still not convinced Bitcoin is ready for its next bullish phase.
Bitcoin price prediction reveals how BTC faces greater resistance basically based on holder data prepared by InBlock. The red circles represent areas where investors have purchased BTC. They are interpreted as potential zones of selling pressure, meaning that Bitcoin may struggle to surpass $70,000 again.
IOMAP Bitcoin Chart | InBlock
On the other hand, the green circles represent the areas where holders purchased their BTC. They are interpreted as crucial support areas, where potential rebounds can occur.
However, due to their small size, the support is not expected to be strong and could give way to further losses. Based on the outlook of fundamental support, Bitcoin is likely to fall below $60,000 and further decline to $50,000.
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