Bitcoin Fails to Hold Above $80,000, Eyes on ETF Flows and Fed Policy
Bitcoin has failed to hold above $80,000 after previously reaching as high as $81,235. The largest cryptocurrency corrected and moved back below $80,000, prompting concerns about its next direction.
FLOQ CEO and Founder Yudhono Rawis believes that the correction does not change the overall outlook for Bitcoin, but rather tests investor demand.
According to Yudhono, the market is now entering a 'proving phase' where it needs to show whether investor interest in crypto assets remains strong enough to support prices.
The flow of ETF funds and the monetary policy of the United States are key indicators for Bitcoin's next move. The US recorded net inflows of around $2.71 billion in the week ending August 24, with Bitcoin accounting for $1.92 billion of that total.
However, the flow of funds has begun to weaken, with US spot Bitcoin ETFs recording a net outflow of $201.9 million on August 28.