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Major Bearish Breakdown in Bitcoin
The close below the $91,750 level yesterday is a worrying milestone for Bitcoin. Having spent the last three and a half months trading above the level, the path to a broader reversal lower has been opened. Fresh trade-tariff fears and the US-China tech standoff have hit sentiment hard with institutional demand evaporating. The latest data shows Bitcoin ETFs suffered their largest daily outflows yesterday of just under $1 billion ($938 million). In total, Bitcoin ETFs have seen around $2.3 billion exit the market this month, reflected by the more than 20% decline we’ve seen in Bitcoin futures from the YTD highs. ... (full story)
