Why did #Bitcoin! fall below $58,000?
Bitcoin is approaching support that will be key to determining what can happen to the price in the short term.
Bitcoin (BTC) starts this Thursday, July 4, with a price below $57,000. Since the first days of May, the digital currency created by Satoshi Nakamoto has not reached such marks in its price.
The following graph, provided by TradingView, shows the price of bitcoin since March, the month in which it reached its most recent all-time high above $73,000.
Bitcoin spot #ETFs✅ , unlike futures ETFs, are directly backed by BTC. This means that the management companies of these funds can buy and sell bitcoin in the market according to requirements. For this reason, if capital leaves ETFs, it could mean bitcoin is released into the market, increasing supply over demand. This is bearish for the price of the financial asset.
#CryptoCriss77 #Binance #Ethereum
