Bitcoin Sellers Test $63K Floor as Volatility Continues
Bitcoin's price has been struggling to maintain its footing above $63,000 as sellers test the cryptocurrency's floor for the second consecutive day.
The price of BTC dipped below $63,000 on Friday, reaching an intraday low of $62,470 before recovering to just above $63,000 by 1:20 p.m. EST.
Despite the volatility, the cryptocurrency's market capitalization remains under $1.27 trillion, with seven-day losses at 2.6%.
The derivatives market has seen significant liquidations for overleveraged long positions, with Coinglass data showing that $32 million in leveraged bitcoin positions were liquidated in 24 hours, with long positions accounting for $26 million.
Spot exchange-traded fund (ETF) data also shows that there have been over $131 million in outflows from ETFs, which suggests institutional investors may be retreating from the market.