{"id":336739,"date":"2024-07-03T19:35:23","date_gmt":"2024-07-03T14:05:23","guid":{"rendered":"https:\/\/dripp.zone\/news\/besides-etf-outflow-woes-these-circumstances-could-push-btc-to-55000-crypto-news\/"},"modified":"2024-07-03T19:47:31","modified_gmt":"2024-07-03T14:17:31","slug":"besides-etf-outflow-woes-these-circumstances-could-push-btc-to-55000-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/besides-etf-outflow-woes-these-circumstances-could-push-btc-to-55000-crypto-news\/","title":{"rendered":"Besides ETF Outflow Woes, These Circumstances Could Push BTC To $55,000 – Crypto News"},"content":{"rendered":"

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Bitcoin price forecast: The largest cryptocurrency is on the cusp of extending June\u2019s correction below $60,000 this week. A 4% decrease to $60,142 based on CoinMarketCap<\/span><\/a> data characterizes the grim crypto landscape on Wednesday while a remarkable 18% surge in the trading volume could imply growing interest among traders as BTC dips.<\/p>\n

The persistent drop in the Bitcoin ETF<\/span><\/a> net inflow volume since Monday highlights dwindling market sentiment. Should BTC price close the day below the critical $60,000 level, pressure on the sell-side will likely surge clearing the path for a fall to $55,000.<\/p>\n

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What\u2019s Behind BTC Price Bearish Outlook<\/h2>\n

Bitcoin stepped into July on a positive note, climbing from $60,000 and testing resistance at $63,000. The resistance at $63,000 can be attributed to various factors including Bitcoin ETFs, Bitcoin miner capitulation, the uncertainty in the global economy, and regulation.<\/p>\n

After Bitcoin ETFs closed the week with a staggering over $150 million net inflow volume on Friday, the trend turned bearish on Monday. According to SoSoValue<\/span><\/a> ETF data, investors sustained the exodus on Tuesday, with $13.62 million in net outflows.<\/p>\n

This sudden correction is adding to the sell-side pressure not to mention impacting market sentiment. Soaring ETF inflow volumes in Q1 shaped the rally in Bitcoin price to a new all-time high.<\/p>\n

Conversely, the trend in the last few months shows that outflows have a negative impact not only on Bitcoin but the broader crypto market.<\/p>\n