Bitcoin falls below $89K as ETF outflows accelerate sharply
On Wednesday, Bitcoin lost another 5% and traded below $89,000, while Ethereum fell 8%, dropping below $2,900. The sell-off in the crypto market intensified as hopes for another Fed rate cut diminished. The CME FedWatch tool gives only a 33.6% probability of such an event.
Since the beginning of the week, outflows from Bitcoin- and Ethereum-based ETFs have increased. In just one day, investors converted 6,105 BTC worth $559 million and 40,442 ETH worth $124 million into fiat. Over the week, Bitcoin ETFs saw losses exceeding $2.2 billion, while Ethereum ETFs lost nearly $1 billion.
Bitcoin daily chart. Source: TradingView
Investors are moving away from “risk-on” assets, including cryptocurrencies, while technical indicators such as the “death cross” and the widening gap with the 200-day moving average signal a bearish trend.
“Losing $90,000 is a significant technical event indicating that the market may search for support lower. If buyers do not step in soon, Bitcoin may move toward the mid-$80,000 range before stabilizing,” analyst Viktoras Karapetjants said.
Hopes for a rally fade along with the price
Cryptonews calls $90,000 a key historical support level that coincides with the channel low and the value-area low. If Bitcoin closes above the $90,000 support, the likelihood of a rotational rally increases.
However, a breakdown below this support will signal a shift in market control and invalidate the current bullish structure. At the moment, a reversal is still possible, but the probability is extremely low. It is important to watch the $88,500 and $84,000 levels, where significant buying occurred, as investor reactions there will influence Bitcoin’s price dynamics.
As we wrote, Bitcoin price forecast: BTC holds around $91,200 as geopolitical crosscurrents stabilize but lacks clear catalyst
Latest Bitcoin News
-
Afghanistan
-
Albania
-
Algeria
-
Angola
-
Argentina
-
Armenia
-
Australia
-
Austria
-
Azerbaijan
-
Bahamas
-
Bahrain
-
Bangladesh
-
Belarus
-
Belgium
-
Bolivia
-
Botswana
-
Brazil
-
Brunei
-
Bulgaria
-
Cambodia
-
Cameroon
-
Canada
-
Chile
-
China
-
Colombia
-
Congo
-
Costa Rica
-
Cote d'Ivoire
-
Croatia
-
Cuba
-
Cyprus
-
Czechia
-
DR Congo
-
Denmark
-
Dominican Republic
-
Ecuador
-
Egypt
-
El Salvador
-
Estonia
-
Eswatini
-
Ethiopia
-
Finland
-
France
-
Georgia
-
Germany
-
Ghana
-
Greece
-
Haiti
-
Hong Kong
-
Hungary
-
India
-
Indonesia
-
Iran, Islamic republic
-
Iraq
-
Ireland
-
Israel
-
Italy
-
Jamaica
-
Japan
-
Jordan
-
Kazakhstan
-
Kenya
-
Korea
-
Kuwait
-
Kyrgyzstan
-
Laos
-
Latvia
-
Lebanon
-
Lesotho
-
Libya
-
Lithuania
-
Luxembourg
-
Madagascar
-
Malaysia
-
Malta
-
Mauritius
-
Mexico
-
Moldova
-
Mongolia
-
Montenegro
-
Morocco
-
Mozambique
-
Myanmar
-
Namibia
-
Nepal
-
Netherlands
-
New Zealand
-
Nigeria
-
North Macedonia
-
Norway
-
Oman
-
Pakistan
-
Palestine
-
Panama
-
Papua New Guinea
-
Paraguay
-
Peru
-
Philippines
-
Poland
-
Portugal
-
Puerto Rico
-
Qatar
-
Reunion
-
Romania
-
Rwanda
-
Saudi Arabia
-
Serbia
-
Singapore
-
Slovakia
-
Slovenia
-
Somalia
-
South Africa
-
Spain
-
Sri Lanka
-
Sweden
-
Switzerland
-
Syria
-
Taiwan
-
Tajikistan
-
Tanzania
-
Thailand
-
Trinidad and Tobago
-
Tunisia
-
Turkey
-
UAE
-
Uganda
-
Ukraine
-
United Kingdom
-
United States
-
Uruguay
-
Uzbekistan
-
Venezuela
-
Vietnam
-
Yemen
-
Zambia
-
Zimbabwe
- Forex
- Crypto
