Bitcoin ETFs have seen significant outflows, with Grayscale and Fidelity leading the way, while BlackRock and WisdomTree have managed to buck the trend. The price of Bitcoin has dropped to its lowest level since August 5th, currently sitting at $53,304.
The Crypto Fear and Greed Index is currently at 23, indicating a market leaning towards fear. Technical indicators suggest a potential death cross and falling wedge pattern.
Additionally, $113.86 million worth of Bitcoin positions have been liquidated. There are potential support levels at $45,000 and $42,000 if Bitcoin fails to break through the resistance zone of $57,800 to $58,000.
The market outlook remains uncertain, with growing risk aversion sentiment and global market uncertainties contributing to the struggles of Bitcoin to stay above $60,000. Furthermore, analysts predict potential corrections below $50,000, threatening further downward pressure.
However, some experts still believe in the long-term potential of Bitcoin, with one analyst forecasting a price target of $115,000 by 2024. The market is closely watching for any potential interest rate cuts by the Federal Reserve, as that could significantly impact Bitcoin prices.
