{"id":606884,"date":"2024-05-07T12:00:33","date_gmt":"2024-05-07T12:00:33","guid":{"rendered":"https:\/\/wncen.com\/?p=606884"},"modified":"2024-06-11T07:20:44","modified_gmt":"2024-06-11T07:20:44","slug":"bitcoin-price-falling-today","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-falling-today\/","title":{"rendered":"Why Is The Bitcoin Price Falling Today?"},"content":{"rendered":"

Bitcoin (BTC)<\/span><\/a> has experienced a price slowdown, having recently recovered above $60,000. This tepid price movement is believed to be due to a couple of factors, including the reduced demand for the <\/span>Spot Bitcoin ETFs<\/span><\/a>.\u00a0<\/span><\/p>\n

Spot Bitcoin ETFs Have Lost Their Spark<\/h2>\n

The <\/span>Spot Bitcoin ETFs<\/span><\/a> recorded billions of dollars in net inflows in the first three months of launch. This contributed to the significant rally that Bitcoin recorded right around when the funds were approved, with the flagship crypto rising to a <\/span>new all-time high (ATH)<\/span><\/a> in March. However, demand for these funds has declined since the start of this month.\u00a0<\/span><\/p>\n

Related Reading: Crypto Analyst Says Cardano Bloodbath Far From Over, Sets Bottom Price For ADA<\/a><\/div>\n

Research firm Kaiko also <\/span>noted<\/span><\/a> in its recent report that net inflows across all ETFs have steadily dropped for a while now. This has ultimately affected Bitcoin\u2019s bullish momentum, with the flagship crypto trading sideways. Bitcoin\u2019s price performance in the last 24 hours suggests that the recovery above $60,000 <\/span>wasn\u2019t necessarily<\/span><\/a> a bullish reversal.<\/span><\/p>\n

Andrey Stoychev, Head of Prime Brokerage at Nexo, had <\/span>previously warned<\/span><\/a> that Bitcoin was unlikely to experience any significant price surge without a catalyst. He added that the crypto token would likely continue to trade around the $67,000 price range. That means one can expect Bitcoin to keep bouncing off the support and resistance in the meantime.\u00a0<\/span><\/p>\n

The silver lining is that the demand in the Spot Bitcoin ETFs could pick up soon enough, with these funds likely to provide a much-needed boost to Bitcoin\u2019s price when that happens. A trend reversal for these ETFs looks imminent, especially after Grayscale\u2019s GBTC <\/span>recorded<\/span><\/a> its first day of net inflows on May 3.\u00a0<\/span><\/p>\n

Another Reason Why Bitcoin\u2019s Price Is Down<\/h2>\n

Crypto analyst Mikybull Crypto<\/span><\/a> also recently predicted that Bitcoin could drop below to clear the <\/span>CME (Chicago Mercantile Exchange) gap<\/span><\/a> at around $62,580. This price gap exists because the CME\u2019s Bitcoin futures market doesn\u2019t run on weekends. The crypto analyst added that things could pick up once Bitcoin clears the CME gap.\u00a0<\/span><\/p>\n

Related Reading: Shiba Inu Price Prediction: Crypto Analyst Says Massive Surge Is Coming, Here\u2019s The Target<\/a><\/div>\n

The analyst also suggested that the worst may be behind, irrespective of whether Bitcoin continues to trade sideways, as he stated that the crypto token\u2019s local bottom is in. However, Mikybull Crypto also <\/span>predicts<\/span><\/a> that Bitcoin will need to clear out the <\/span>$67,000 price level<\/span><\/a> and consolidate before it can move towards $73,000.\u00a0<\/span><\/p>\n

In anticipation of this price surge, now looks to be an excellent time to accumulate the flagship crypto as crypto analyst Ali Martinez mentioned that <\/span>Bitcoin\u2019s Market Value to Realized Value<\/span><\/a> (MVRV) 90-day ratio indicates that it is still in a \u201cprime buy zone.\u201d<\/span><\/p>\n

At the time of writing, Bitcoin is trading at around $63,400, down over 1% in the last 24 hours, according to <\/span>data<\/span><\/a> from CoinMarketCap.\u00a0<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC price struggles to hold $64,000 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Featured image from Born2Invest, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin (BTC) has experienced a price slowdown, having recently recovered above $60,000. This tepid price movement is believed to be due to a couple of factors, including the reduced demand for the Spot Bitcoin ETFs.\u00a0 Spot Bitcoin ETFs Have Lost Their Spark The Spot Bitcoin ETFs recorded billions of dollars in net inflows in the first three months of launch. This contributed to the significant rally that Bitcoin recorded right around when the funds were approved, with the flagship crypto rising to a new all-time high (ATH) in March. However, demand for these funds has declined since the start of this month.\u00a0 Related Reading: Crypto Analyst Says Cardano Bloodbath Far From Over, Sets Bottom Price For ADA Research firm Kaiko also noted in its recent report that net inflows across all ETFs have steadily dropped for a while now. This has ultimately affected Bitcoin\u2019s bullish momentum, with the flagship crypto trading sideways. Bitcoin\u2019s price performance in the last 24 hours suggests that the recovery above $60,000 wasn\u2019t necessarily a bullish reversal. Andrey Stoychev, Head of Prime Brokerage at Nexo, had previously warned that Bitcoin was unlikely to experience any significant price surge without a catalyst. He added that the crypto token would likely continue to trade around the $67,000 price range. That means one can expect Bitcoin to keep bouncing off the support and resistance in the meantime.\u00a0 The silver lining is that the demand in the Spot Bitcoin ETFs could pick up soon enough, with these funds likely to provide a much-needed boost to Bitcoin\u2019s price when that happens. A trend reversal for these ETFs looks imminent, especially after Grayscale\u2019s GBTC recorded its first day of net inflows on May 3.\u00a0 Another Reason Why Bitcoin\u2019s Price Is Down Crypto analyst Mikybull Crypto also recently predicted that Bitcoin could drop below to clear the CME (Chicago Mercantile Exchange) gap at around $62,580. This price gap exists because the CME\u2019s Bitcoin futures market doesn\u2019t run on weekends. The crypto analyst added that things could pick up once Bitcoin clears the CME gap.\u00a0 Related Reading: Shiba Inu Price Prediction: Crypto Analyst Says Massive Surge Is Coming, Here\u2019s The Target The analyst also suggested that the worst may be behind, irrespective of whether Bitcoin continues to trade sideways, as he stated that the crypto token\u2019s local bottom is in. However, Mikybull Crypto also predicts that Bitcoin will need to clear out the $67,000 price level and consolidate before it can move towards $73,000.\u00a0 In anticipation of this price surge, now looks to be an excellent time to accumulate the flagship crypto as crypto analyst Ali Martinez mentioned that Bitcoin\u2019s Market Value to Realized Value (MVRV) 90-day ratio indicates that it is still in a \u201cprime buy zone.\u201d At the time of writing, Bitcoin is trading at around $63,400, down over 1% in the last 24 hours, according to data from CoinMarketCap.\u00a0 BTC price struggles to hold $64,000 | Source: BTCUSD on Tradingview.com Featured image from Born2Invest, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":606911,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,679,1119,89185,1122,1144,78790],"class_list":["post-606884","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nWhy Is The Bitcoin Price Falling Today?<\/title>\n<meta name=\"description\" content=\"Bitcoin (BTC) has experienced a price slowdown, having recently recovered above $60,000, which is concerning.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why Is The Bitcoin Price Falling Today?","url":"http:\/\/wncen.com\/news\/bitcoin-price-falling-today\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-price-falling-today\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin_9d34f4.jpeg?resize=200%2C198","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin_9d34f4.jpeg?fit=255%2C198"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt"],"dateCreated":"2024-05-07T12:00:33Z","datePublished":"2024-05-07T12:00:33Z","dateModified":"2024-06-11T07:20:44Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why Is The Bitcoin Price Falling Today?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-falling-today\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-falling-today\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/Bitcoin_9d34f4.jpeg?resize=200%2C198\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/Bitcoin_9d34f4.jpeg?fit=255%2C198\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2024-05-07T12:00:33Z\",\"datePublished\":\"2024-05-07T12:00:33Z\",\"dateModified\":\"2024-06-11T07:20:44Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin_9d34f4.jpeg?fit=255%2C198","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/606884"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=606884"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/606884\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/606911"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=606884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=606884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=606884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}