Despite bullish expectations in Bitcoin, bears continue their resistance. Which direction will the BTC price move next?
Bitcoin ETFs are having a "tough day"
BTC price declined from the $65,300 highs towards the daily close, according to data from Cointelegraph Markets Pro and TradingView.
Bitcoin price is having difficulty stabilizing on the upside due to unexpected macroeconomic data and the poor performance of spot Bitcoin exchange-traded funds (ETFs) in the US.
ETF outflows exceeding $200 million caused the positive atmosphere at the beginning of the week to deteriorate.
Bloomberg ETF analyst James Seyffart shared: “Yesterday was a rough day for the Cointucky Derby and Bitcoin ETFs.”
"A total of 5 ETFs experienced an outflow of -$217 million. The only positive inflow was seen in the Franklin ETF, with an inflow of $1.9 million."
On the other hand, Michaël van de Poppe, founder and CEO of MNTrading, claimed in his latest analysis that altcoins will achieve their long-awaited rise and diverge from Bitcoin.
"Bitcoin is still stuck in a range. I don't think we'll see much from here for the next 3-6 months. A slow sideways trend, maybe a grind," Poppe said.
Analyst: Pay attention to the next two weeks
Meanwhile, popular trader and analyst Rekt Capital has updated its BTC price prediction around the block reward halving, giving a two-week period for more significant declines to occur.
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