Bitcoin price faced a downward trend starting from $69,500 levels. Shortly after experts warned investors about the decline, the price fell to $66,000 and then to $64,550. The main reason for this decline in the market was determined to be the dominant sales in the ETF channel after the opening of the US markets. Additionally, the revival of old and forgotten events such as Silkroad triggered the second wave of decline.
Impact of ETF Sales and Silkroad Assets
While Spot Bitcoin ETFs' bad start to April caused investors to avoid risk, long-term investors also turned to profit sales as transaction volumes in the cryptocurrency market decreased. The increase in the amount of Bitcoin held by short-term investors indicates that sales may accelerate in case of sudden declines.
Will Bitcoin Price Recover?
Experts think that the increase in ETF demand and the increase in the volumes of institutions such as BlackRock and Fidelity may support prices. Additionally, compared to previous halving periods, it is predicted that Bitcoin may follow a similar price movement and the current declines may be a repeat of the major declines in the past.
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I EXPLAIN IN DETAIL.
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