Bitcoin’s recent surge from $60,000 to $68,000 has sparked optimism, but the cryptocurrency still faces obstacles in reaching its all-time high.
ETF Outflows Weigh on Bitcoin
Spot Bitcoin ETFs, which once fueled Bitcoin’s rise, are now experiencing outflows. Investors are withdrawing from the Grayscale Spot Bitcoin ETF due to high fees, mirroring a similar trend in January that triggered a market crash.
Sell Pressure Dampens Momentum
The sell pressure Bitcoin is currently facing resembles the situation after the SEC approved Spot Bitcoin ETFs in January. During that time, Bitcoin’s price plummeted to $38,000.
Outlook and Opportunities
If outflows from Grayscale slow down, Bitcoin could rebound. A surge similar to the one that followed the end of outflows in January could easily push the price past $75,000, setting a new all-time high.
Currently, Bitcoin is trading at $67,320, with a 5.51% increase in the last 24 hours.
