Crypto
Bitcoin Price Falls Despite Institutional Buying
Bitcoin's price has been trending lower after failing to hold at $80k. Despite heavy inflows into Bitcoin ETFs over the last 30 days, the decline continues.
The key price level to watch is between $72,000 and $73,000, as this range marks the point where Bitcoin ETFs are above their realized price. Losing this range could pressure ETFs to offload more coins, creating additional sell pressure.
Bond market woes and a worsening macroeconomic picture appear to be weighing heavily on sentiment. The recent decline has also demonstrated an inverse relationship with the DXY, which could continue to impact Bitcoin's price if it pushes above 100.