 ▲ Bitcoin (BTC) |
As the U.S. interest rate cut was delayed, the price of cryptocurrency leader Bitcoin (BTC) fell to its lowest level in a month.
According to CoinMarketCap on the 19th (Korean time), the price of one Bitcoin fell to $64,066.96 this morning, but recovered to $65,150 as of 8:10 am. This is the lowest level since the middle of last month.
Data from CoinShares International shows that more than $600 million was withdrawn from digital asset products last week, the largest amount since March.
Also, according to data from financial information platform Farside Investors, there was a total net outflow of $145 million into the U.S. BTC spot ETF on the 17th (local time). This is a net outflow for 3 consecutive trading days.
CryptoQuant senior analyst Julio Moreno said through “It could decline,” he analyzed.
He added, “Currently, Bitcoin lacks momentum, including purchases by large investors, stablecoin liquidity, and demand from American investors.”
Cryptocurrency financial service platform Metricsport also reported through
He continued, “Currently, BTC open interest is at a considerable level, and the price may continue to decline for some time before BTC hits a new high.”
In particular, cryptocurrency analyst Josh Olszewicz warned X that while no one likes ultimatums, Bitcoin is currently facing a do-or-die moment.
He cited the Ichimoku cloud indicator, which is a technique that predicts the price movement of assets using five lines and is an indicator that includes the concept of time. The five lines are the baseline, transition line, short-term leading span, trailing span, and long-term leading span.
According to UToday, the chart shows that Bitcoin is approaching the bottom of the cloud, and to revive upward momentum, Bitcoin must rebound from the cloud support line. Conversely, if the price falls below the main support line, a larger correction may be experienced.
However, UToday said, "BTC is currently testing the $65,000 support line. If the 50-day and 200-day exponential moving average (EMA) prices are maintained, it is likely to stabilize. This consolidation phase usually precedes an upward turn. Therefore, there is a possibility that investors will purchase more BTC at low prices.”
