Bitcoin trades near $62.8K as spot ETF outflows deepen
Bitcoin is quoted at $62,810 with spot BTC ETF outflows of $131.1 million, while Ethereum ($1,872), XRP ($0.9984) and Dogecoin ($0.06982) struggle to hold key support, per.
Bitcoin trades sideways heading into the weekend as spot BTC ETFs see significant outflows and crypto sentiment remains firmly in the fear zone.
Cryptocurrency Ticker Price Bitcoin (CRYPTO: BTC) $62,810 Ethereum (CRYPTO: ETH) $1,872 Solana (CRYPTO: SOL) $75.10 XRP (CRYPTO: XRP) $0.9984 Dogecoin (CRYPTO: DOGE) $0.06982 Shiba Inu (CRYPTO: SHIB) $0.0 5 4615 Notable Statistics: Coinglass data shows 82,737 traders were liquidated in the past 24 hours for $166.56 million.
SoSoValue data shows net outflows of $131.1 million from spot Bitcoin ETFs on Thursday.
Spot Ethereum ETFs saw net inflows of $6.72 million.
In the past 24 hours, top gainers include Bitway, OKB and Shiba Inu.
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Over a five-year horizon, buying at $55,000 versus $60,000 may matter little, just as buying at $16,000 versus $20,000 four years ago does today.
Rekt Capital noted Bitcoin has repeatedly wicked below $63,000 but managed to recover.
However, weakening rebounds from that level, combined with Bitcoin's historical tendency to roll over in the second half of August during bear-market years, point to growing downside risk.
A weekly close below $63,000 would confirm the existing technical and seasonal weakness.
Altcoin Sherpa expects Bitcoin to remain in a 2-4 month consolidation phase even after finding a bottom, like 2018 and 2022.
However, both prior cycles featured sharp capitulation moves around the final bottom, something the trader believes has yet to occur this cycle, potentially setting up a volatile latter half of the year.
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