Why Is Bitcoin Dropping?

Bitcoin ($BTC) recently hit $64,000 but has now fallen to $58,000. Here are some factors behind this dip:

1. Geopolitical Tensions:

The recent drone attack in Russia has heightened concerns about the Russia-Ukraine conflict. In times of such uncertainty, risk-on assets like Bitcoin often see sell-offs.

2. ETF Outflows:

Bitcoin ETFs experienced a significant outflow of $127 million yesterday, marking the largest daily outflow since August 6. This can put downward pressure on Bitcoin’s price as institutional interest wanes.

3. Market Manipulation:

Despite gains in the S&P 500 and NASDAQ, Bitcoin’s price has dropped. This discrepancy could suggest market manipulation, with some entities potentially attempting to suppress Bitcoin's price.

**Looking Ahead:**

Smart money appears to be accumulating Bitcoin in the $50K-$65K range, as seen from decreasing Bitcoin exchange supply. If this accumulation continues, a breakout could be on the horizon by the end of September. 🚀

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