💥BTC Analysis💥
The price of Bitcoin has decreased by 0.63% to $66,256.21 over the past 24 hours, retreating from the broader market performance which saw a slight decline, primarily due to the largest daily outflows from U.S. Bitcoin spot ETFs in three weeks. This decline shows a strong correlation (71%) with the S&P 500 index, indicating a joint movement driven by macroeconomic factors.
Main reason: Selling pressure from institutions due to outflows from Bitcoin spot ETFs, which has removed a key source of steady demand.
Secondary reasons: Heightened risk aversion on both geopolitical and macroeconomic fronts, leading to increased selling, along with a decrease in leverage in the derivatives markets.
Short-term market outlook: If Bitcoin maintains the Fibonacci support level at $65,828, it may experience stabilization; however, breaking this level threatens a retest of its low at $63,062. Watch for a reversal in ETF flows as a key catalyst.
$SIREN
$TA
