The price of Bitcoin has been consolidating and remains in a tight range, with investors waiting for the next catalyst. American investors' demand for spot Bitcoin ETFs has decreased, resulting in net outflows of over $650 million in the last four days. This selling pressure from ETFs can create downward price pressure and increase market volatility. Geopolitical risks and potential interest rate hikes have also contributed to Bitcoin's stall. The fear and greed index has dropped from extreme greed to fear, while the Z score of the MVRV indicator has fallen, indicating that Bitcoin may be undervalued. The price of Bitcoin has been below $100,000 and has formed a double-top chart pattern, indicating a bearish outlook. Ethereum is trading at $2,693.91.



Other News from Today