🐻 Why Bitcoin is Falling
Over the past 24 hours, the price of BTC fell by 4%, with a local low of $64,780, which is 12% below the all-time high of $73,700.
After the SEC approved spot Bitcoin ETFs on January 10, the movement of BTC became directly dependent on large funds. At the end of the week, ETF inflows fell below $200 million, which was the main reason for the decline. The BTC correction intensified over the weekend, because at this time the ETF is not trading, thereby the funds suspend the purchase of BTC.
⚡️At the moment, BTC is trying to get the first support above the $65 thousand level and this is possible, because in the range from 64,750$ to $66,700, 382,000 addresses still hold more than 275,000 BTC. The second support is the range from 60760$ to $62,790, where more than 797,500 investors bought 298,000 BTC. Starting with the accomplice, the funds will again begin to accumulate BTC at lower levels, because the long-term trend still remains upward.
