Bitcoin suffered a sell-off over the weekend that not only broke the key support level of 64,900, but also fell below the 50-day moving average. Bitcoin has fallen 13% over the past week and is down 16% from its all-time high on March 14.

Although it is not uncommon for Zijin to not flow into ETFs, players may see more significant Zijin inflows in the future. As decisions by large financial institutions advance, the spot Bitcoin ETF may become one of the most successful ETF issuances in U.S. history. However, Seyffart does not expect purple gold outflows from Grayscale’s Bitcoin Trust GBTC to reverse. Bitcoin’s sell-off increases the risk of further downside.

The next support level is 57800, if this support is broken, a drop to 51500 is very likely. Bitcoin’s long-term momentum remains positive, and this decline may be a healthy adjustment.#Bitcoinhas fallen nearly 80% from its all-time high at the end of last year#大盘走势