Investors in BlackRock's IBIT capitalized on Bitcoin's decline, contributing $317 million in inflows to the fund as the cryptocurrency tested a critical support level at $65,000. Bitcoin faced downward pressure and slid 3.3% to close at $66,649. The broader cryptocurrency market also declined, reaching a total market capitalization of $2.242 trillion. The decline can be attributed to concerns over the upcoming US Presidential Election and the Federal Reserve's rate trajectory. Despite these uncertainties, Bitcoin rebounded from the $65,000 support level, driven by renewed inflows into spot Bitcoin ETFs, particularly BlackRock's IBIT. Bitcoin remains above key technical levels and has the potential to reach $70,000 before approaching overbought conditions.



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