Bitcoin Faces Correction as ETF Outflows and Liquidations Surge
The Bitcoin price has entered a correction phase, dropping 14% from its year’s peak. This decline may continue due to a risky pattern forming and ongoing ETF outflows.
Spot Bitcoin ETFs lost over $1.23 billion this week, according to SoSoValue. BlackRock’s IBIT shed $268 million,while Fidelity’s FBTC also suffered losses. These outflows reversed the previous two weeks’ gains of nearly $6 billion.
Investors are selling Bitcoin following a massive $4.65 billion in liquidations last Friday.Such events often lead to selling or inactivity. Gold is now seen as a safer asset amid rising risks like the U.S.-China trade war and inflation.
- Bitcoin ETFs lost over $1.23 billion this week.
- Investors sold Bitcoin after $4.65 billion in liquidations.
- Gold is emerging as a safer investment option.
Technically, Bitcoin has formed a double-top pattern at $124,355, a common bearish sign. If this pattern holds, the price could fall to $92,345. However,a move above $113,000 would negate this bearish outlook.
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