🌎 Why Is Bitcoin Down Today?
🔥Bitcoin price remain down today as several factors impact the market sentiment and caused panic selling by small investors. Here are factors impacting BTC price.
📢 HIGHLIGHTS:
•Bitcoin price dipped below $59k as market sentiment dipped from 74 (greed) last week to 30 (fear) today.
•Options traders remain bearish as indicated by implied volatility (IV) in all term.
Digital asset investment products saw $1.2 billion outflows in the last 2 weeks.
|108K BTC options of notional value of $6.7 billion to expire this Friday ahead US PCE inflation data.
•Mt. Gox Bitcoin distribution and Germany's govt selling BTC worsen market conditions.
Buying pressure remain dull for a potential recovery next week.
🔥Bitcoin bears gained dominance over bulls and caused BTC price to fall to below $59,000, hitting a 24-hour low of $58,402. The market sentiment has dipped from 74 (greed) last week to 30 (fear) today, indicating the severity of negative sentiment in the crypto market.
Bitcoin dominance has dropped to 53.2% against altcoins, sparking speculation of altseason. However, the altcoin season is not here yet as altcoins are still oversold despite a rebound in the last 24 hours.
Bearish Sentiment Among Derivative Traders
Bitcoin remains bearish for derivatives traders as implied volatility (IV) in all terms and trading volumes indicate a drop amid uncertainty. Implied volatility measures the expected price movements in the coming days based on an option’s price and trading.
Options traders were bearish on BTC for the last few weeks as spot Bitcoin ETFs saw consecutive outflows. As per CoinShares, digital asset investment products saw $1.2 billion outflows in the last 2 weeks. Institutional investors sold $690 million in Bitcoin and Ethereum, as Solana and XRP looked like better alternatives.
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