Has Bitcoin hit bottom?
Bitcoin plunged from $71,000 in a flash crash a few weeks ago, and its price has plunged 16% since it approached its all-time high. The Fed lowered its rate cut expectations to one this year after its June policy meeting, which put pressure on risk assets.
Bitcoin's fundamentals have not changed much in the past few days, and the pressure on Bitcoin is mainly due to the following factors!
The outflow of funds from the spot Bitcoin ETF, plus the sale of seized Bitcoin by the German government, and the expected sell-off by Mt. Gox creditors, and a sell-off by miners!
Although the current selling pressure on BTC is very high, the RSI indicator of Bitcoin has reached a new low since August last year. Bitcoin usually rebounds after being oversold! In addition, the application for the Ethereum ETF has also been put on the agenda. Everything will not be too far away, just wait patiently!