#Bitcoin❗ #updte
Why Bitcoin Price is Falling?
Looking at the current market conditions, short sellers are highly dominating the market and creating significant selling pressure.
The potential reason behind this ongoing sell-off is the lack of interest from exchange-traded funds (ETFs) traders and CryptoQuant’s negative funding rates.
According to CoinGlass data, this is the second consecutive day that the US spot Bitcoin ETF has registered a negative flow of 1.77K BTC. Meanwhile, BTC’s funding rate currently stands at around -0.002.Together, this on-chain data indicates bearish sentiment, with short sellers dominating the market. If these sentiments continue and the BTC price falls to the $58,500 level, approximately $421 million worth of long positions could be liquidated.
