Technical Perspective:
$BTC USD formed a descending channel and retreated below its upper bound near 64,200, which coincides with the 61.8% Fibonacci retracement. The price remains below the Ichimoku cloud, indicating potential for further downside.
If $BTC USD extends its decline and breaks below the 62,000 threshold, the price could approach the 60,500 support and 61.8% Fibonacci retracement.
Conversely, a break above the 64,200 resistance and a bullish breakout of the descending channel could prompt a further rise toward the 66,500 resistance.
Fundamental Perspective:
According to Glassnode's short-term holder MVRV indicator, bitcoin fell below the average cost-basis of 62,500 USD for short-term holders. The recent price decline put buyers under increasing pressure.
Meanwhile, ETFs saw net withdrawals of 58.2 mln USD, with 48.8 mln USD from FBTC.
Bitcoin could see higher volatility heading into the US elections.
