Selling pressure arose after an official statement by US Federal Reserve Chairman Jerome Powell at a meeting of the Federal Open Market Committee. The head of the department said that in the near future the Fed's base interest rates will remain unchanged. As a result, the price of Bitcoin fell another 5% compared to the previous level, reaching $57,500.
According to various estimates, the net outflow of liquidity from spot exchange-traded funds to Bitcoin last Wednesday was approximately $563.7 million.
Bitwise President Teddy Fusaro noted that recently the price of BTC has fallen in all support zones, and the post-halving period showed significant selling pressure. According to his forecasts, in the near term, market volatility and Bitcoin ETFs may demonstrate multi-frequency price distortions. The price of the first cryptocurrency will rotate around the support zone at the 200-day exponential moving average, which is approximately $52,000.
The day before, one of the largest asset management companies, VanEck, presented a report according to which BTC worth more than $175 billion is stored in various Bitcoin ETFs, as well as in the wallets of states and companies.
Source: Bits
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