Losses in Bitcoin prices break through the crucial $60,000 support as inflows into spot Bitcoin ETFs stall.

Bitcoin price continued its downward trend on April 17th, while the market eagerly awaited the Bitcoin halving event, scheduled to occur on April 20th.

Data from TradingView showed that Bitcoin dropped from an opening of $63,814 on April 17th, falling by as much as 7.5% to an intra-day low of $59,648.

In addition to the growing geopolitical conflict in the Middle East, the recent Bitcoin price correction has accelerated due to stagnant demand for Bitcoin exchange-traded funds (ETFs), strengthening of the US Dollar Index (DXY), and weakening technical setup.

The red candlestick on April 17th represented a 3% drop in the past 24 hours, with reduced flow into US spot Bitcoin ETFs adding selling pressure.

Data from Farside Investors shows that ETFs saw another day of net outflows, totaling $58 million on April 16th. This was accelerated by outflows of $79.4 million and $12.9 million from the Grayscale Bitcoin Trust (GBTC) and the ARK 21Shares Bitcoin ETF (ARKB), respectively. #bitcoinhalvingn #BTC🔥🔥🔥🔥🔥🔥 #BitcoinHodlers #Cryptocurrencies #Altcoinseason2024