The price of Bitcoin continues to weaken and has fallen back to the $60,000 dividing line again. The market lacks obvious narrative in the short term, and ETFs also show a downward trend. The trading volume has dropped sharply, causing market sentiment to fall back. At present, the market's focus is mainly on whether the $60,000 support level can be effectively supported.
It has been reminded before that the market may enter a weak period, and $60,000 is an important emotional threshold. Once it effectively falls below, it may trigger a round of panic selling. ETFs may continue to outflow in the short term, which also means that the market may enter a mid-year winter period.
If the market develops as expected, it will return to the previous mid-year view. A large number of speculators may drive the craze for Dogcoin, Chaingame Coin, and even NFT Coin, because these projects do not need special narrative support, and the lack of narrative in the market is the biggest benefit for them. There may be a huge wealth effect in the short term, which will have an impact on the entire market.
