Bitcoin ($BTC ) has experienced a significant decline, plummeting from $64,000 just two days ago to $58,000 today. Several factors are contributing to this sudden downturn:
1) Geopolitical Tensions: Russia-Ukraine Conflict
The ongoing Russia-Ukraine conflict, particularly after a recent drone attack on Russia, has heightened global tensions. During such situations, risk-on assets like Bitcoin are often sold off first as investors seek safer havens.
2) ETF Outflows
Bitcoin ETFs saw a net outflow of $127 million yesterday, marking the largest daily outflow since August 6. This significant withdrawal of funds is likely contributing to downward pressure on Bitcoinâs price.
3) Market Manipulation Concerns
While the S&P 500 and NASDAQ have shown positive movements, Bitcoin's sharp decline suggests possible market manipulation. Some market entities might be intentionally suppressing the $BTC price. However, this could also be an indication that smart money is accumulating Bitcoin in the $50,000 to $65,000 range.
Accumulation and Future Outlook
Despite the current dip, on-chain data shows that Bitcoin's exchange supply continues to hit new lows each week. This suggests that accumulation is ongoing, with a potential breakout likely after this accumulation phase, possibly by the end of September.
Bitcoin's current volatility may be unsettling, but the ongoing accumulation could signal a strong upward move in the near future.
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