Why did the price of Bitcoin decline and fall today?
The price of Bitcoin witnessed a continuous decline, as it was unable to find catalysts for recovery during this week.
The decline in the price of Bitcoin negatively affected the entire cryptocurrency market, as most alternative digital currencies witnessed a decline in their value during the past 24 hours.
Bitcoin price fell below $64,000:
Over the past few days, Bitcoin has faced major challenges, as it has been unable to achieve any kind of actual recovery.
Bitcoin price tried to cross the $66,000 level, but sellers were able to repel this attempt and brought the market back below $64,000 at the time of writing this article.
This decline led to the liquidation of a large number of open positions, the majority of which were long-term.
During the past 24 hours, liquidations amounted to approximately $150 million, with 73% of these positions being long-term, as we mentioned earlier.
This decline in the price of Bitcoin coincides with a noticeable decline in the performance of traditional stock exchanges over the past day.
Shares of many leading companies in the S&P 500 index, such as NVDA, AAPL, and MSFT, witnessed significant declines.
Trader fatigue is one of the main factors behind this decline, as the level of fear and disinterest in Bitcoin's current price range has reached record levels.
Besides this, there are additional factors to take into consideration.
Retail investors have not arrived yet, as recent research and reports have shown.
In addition, Bitcoin exchange-traded funds (ETFs) are seeing large outflows of funds, meaning investors are selling their stakes through these funds.
Over the past week, US Bitcoin exchange-traded funds saw total outflows of $900 million, reflecting investors' sell-off.
These data confirm that Bitcoin, despite the current challenges, still faces multiple factors that contribute to its price fluctuations, which may require some time and positivity in the market to overcome.
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