Factors Contributing to the Decline
1. Federal Reserve Meeting Jitters
- Investors are holding back before the Federal Reserve’s meeting on Wednesday.
- The Fed is expected to keep interest rates unchanged but may adopt a more cautious stance.
- Higher interest rates tend to make non-yielding assets like Bitcoin less attractive.
2. Increased Selling Pressure
- A surge in selling has pushed Bitcoin below $67,000.
- The lack of sufficient buy orders has caused a breach in the previous support zone around $68,000.
3. End of Bitcoin ETF Inflow Streak
- After 19 days of inflows, Bitcoin ETFs experienced significant outflows yesterday.
- Grayscale Bitcoin Trust saw outflows of $39.5 million.
- Outflows from other ETF providers also contributed to the decline.
Current Situation
As of this writing, Bitcoin is trading at $66,967. The market remains volatile, and further price fluctuations are possible.
