Recently, nine Bitcoin ETFs significantly reduced their holdings by a total of 8,107 BTC, worth approximately $478.22 million. This reduction It included notable entities like BlackRock, which reduced its holdings by 638 BTC (around $37.62 million). Similarly, Fidelity and Grayscale reduced their holdings by 3,323 BTC (about $196 million) and 1,588 BTC (about $93.66 million), respectively.
Recently, nine Bitcoin ETFs significantly reduced their holdings by a total of 8,107 BTC, worth approximately $478.22 million. This reduction It included notable entities like BlackRock, which reduced its holdings by 638 BTC (around $37.62 million). Similarly, Fidelity and Grayscale reduced their holdings by 3,323 BTC (about $196 million) and 1,588 BTC (about $93.66 million), respectively.
This substantial decline in Bitcoin holdings by ETFs coincides with the cryptocurrency’s price falling below the $60,000 mark, a critical support level that had previously been considered a strong threshold holding the market together. This price drop has led to significant capital outflows, indicating a shift in investor sentiment towards caution due to increased market volatility and potential risk aversion.
According to recent chart analysis, Bitcoin shows that it struggled to maintain levels above $60,000 and faced resistance near $61,018. Following the decline, the price found a temporary base around $52,107, suggesting a possible new lower support limit. Currently, Bitcoin is trading slightly above $59,375, attempting to recover from recent declines, but still below the critical resistance level.
For Bitcoin price to show growth and regain confidence among investors, it would have to consistently stay above the $52,107 support level (200 EMA) and ideally surpass the $61,018 resistance. This move would likely require positive sentiment across the market, possibly driven by rising demand for risk assets.
Looking ahead, the key for Bitcoin will be its ability to stabilize and entice investors into a bullish stance. If it successfully holds above the mentioned support and breaks through the resistance, it could signal a shift towards a bullish market. However, if it does not, the price could test even lower support levels, possibly around $50,000.
