The post Bitcoin News: Institutional Outflows Signal Major BTC Price Crash! appeared first on Coinpedia Fintech News
The fear of further Bitcoin (BTC) capitulation in September is visible through the low demand from institutional investors led by U.S. spot BTC ETFs. In the past two days, a net cash outflow of over $200 million ended an eight-day streak of cash inflows to the US spot BTC ETFs, led by ARK 21Shares Bitcoin ETF (ARKB).
As a result, Bitcoin’s fear and greed index has dropped below 30 percent, representing heightened fear of further crypto capitulation.
Prepare for Further Bitcoin Bleeding
Since March, the Bitcoin price has been trapped in a falling trend characterized by lower highs and lower lows. According to popular crypto trader Alan Santana, a major crypto and stock correction will take place in the coming weeks before the bulls take over.
The crypto analyst argued that the high Bitcoin trading volume below all the daily EMAs is a major bearish signal that traders should not ignore. With Bitcoin’s price having been rejected at the resistance level of around $65k in recent times, the crypto analyst expects the flagship coin to drop as much as $40k or even below in the coming weeks.
The Last SHORT Of 2024 | Bitcoin ($40K Or Below $30K Bottom)Good morning my dear friend and fellow trader, It is with great joy and pleasure that I write for you today.We are currently looking at what can only be described as the most interesting, intriguing and surprising… pic.twitter.com/w6pegn8zac
— Alan Santana (@lamatrades1111) August 29, 2024
Why Pay Attention
Amid the anticipated ‘easy money’ in the near term from the possible Fed’s interest rate cut next month, the crypto analyst indicated that more investors will accelerate profit-taking.
“A major correction tends to precede the change in the FEDs policies. After the correction we tend to experience long-term growth due to easier access to credit; some people call it easy money,” the crypto analyst noted.
Major stock indexes led by the Dow Jones and the Nasdaq 100 have been forming a macro reversal pattern, suggesting a potential selloff in the near term.
