Bitcoin Price Forecast: Why Is BTC Falling Suddenly Today?
Highlights
- Bitcoin ETFs face approximately $11 million net outflows on May 9.
- Bitcoin ticks up above $63,000 but shows a lack of momentum to keep the uptrend intact.
- IntoTheBlock’s blockchain data reveals immense resistance to $70,000 as bulls fight for a breakout.
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. Although a minor change in the value, the entire crypto market beamed with the hope of extending the bullish outlook into the weekend.
Major altcoins like Ethereum, Solana, Toncoin, and more paced up in the same way as BTC, contributing to a modest 2.2% surge in the total crypto market value of $2.45 trillion.
Bitcoin Price Forecast: Where To As ETF Outflows Persist
Traders will be on the lookout this weekend, aiming to determine if BTC price has the potential to uphold the uptrend. A daily close above $63,000 will go a long way to affirm the bullish thesis.
However, the negative flows in the Bitcoin ETF market portray a contradicting picture. According to SoSoValue, a platform tracking the ETF market, $11.29 million net outflow volume was recorded on May 9. Grayscale’s GBTC holding the front seat with $43 million withdrawn.
Although most of the remaining ETF operators posted net inflow volume led by BlackRock’s IBIT at $14 million, their cumulative impact on Bitcoin price has reduced significantly.
In the first two months of the approval of ETF products in the US, net inflow volume surged on a daily basis, which helped to improve market sentiment and ignite a remarkable rally to the record high of $73,837 in March.
While the outflow value has declined over the last few days, investors are still not convinced that Bitcoin is ready for its next bullish phase.
Bitcoin price prediction reveals how BTC faces more resistance fundamentally based on holder data prepared by IntoTheBlock. The red circles represent areas where investors have purchased BTC. They are interpreted as potential selling pressure zones, meaning Bitcoin may have difficulty navigating its way above $70,000 again.
On the other hand, the green circles are areas in which holders bought their BTC. They are interpreted to mean crucial support areas, where potential bounces can take place.
However, due to their small sizes, support is not expected to be strong and may give way to more losses. Based on the outlook of the fundamental support Bitcoin risks dropping below $60,000 and falling further down to $50,000.
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