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Why is the price of Bitcoin falling today?
Bitcoin price continues to fall, unable to find reasons for a rebound this week. The broader cryptocurrency market is also feeling the pressure as most coins have lost value over the past 24 hours.
The price of Bitcoin collapses below $64,000
Bitcoin has been going through some tough times in recent days, completely unable to stage any kind of recovery.
Like CryptoPotato reported Earlier this week, the price attempted to push towards $66,000, but sellers intercepted the move and re-established their positions. At the time of writing, BTC is trading below $64,000.
This move also caused the liquidation of a relatively sizable number of positions, most of which were long. In fact, in the last 24 hours saw approximately $150 million in total settlements, 73% of which were long.
The drop also coincides with a relative decline in the stock market over the past day.
As seen in the heat map above, many of the major index stocks such as NVDA, AAPL, MSFT and others are experiencing declines.
More reasons why Bitcoin price is dropping today
We reported earlier that Bitcoin trader fatigue has reached record levels as the price anticipates a rebound. Essentially, this means that the crowd is mostly fearful or disinterested in the current price range. According to the analysis company Santiment:
This extended level of FUD is rare, as traders continue to capitulate. BTC trader fatigue, combined with whale accumulation, generally leads to patient-rewarding bounces.
However, there are additional factors to keep in mind. For once, the retail audience hasn’t arrived yet, second to research.
Additionally, Bitcoin spot exchange-traded funds (ETFs) are seeing significant outflows, meaning people are selling through the ETFs. Over the past week, all U.S. spot Bitcoin ETFs have reported weekly “losses” totaling $900 million.