Why Is Bitcoin Dropping?
Bitcoin ($BTC) was trading at $64,000 just two days ago, but today it has fallen to $58,000. Here are a few reasons behind this dip:
1) Russia War Situation
Risk-on assets are usually sold off first in times of geopolitical tension. After the recent drone attack on Russia, the likelihood of the Russia-Ukraine conflict escalating has increased.
2) ETF Outflows
Bitcoin ETFs saw a net outflow of $127 million yesterday, marking the largest daily outflow since August 6.
3) Market Manipulation
While the S&P 500 and NASDAQ surged, Bitcoin declined. This suggests market manipulation, with certain entities possibly trying to suppress Bitcoin's price.
In my opinion, smart money is accumulating Bitcoin heavily between the $50K-$65K range. This is evident from the consistent weekly lows in Bitcoin exchange supply. Once this accumulation phase ends (likely by the end of September), a breakout for Bitcoin could be on the horizon. đ
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