BTC price declines 17.5% as net outflows from the Bitcoin ETF approach $500M this week.
Bulls in bitcoin prepare for widespread volatility as the price of the cryptocurrency drops from recent all-time highs to $12,000.
threatened a fresh breakdown through $61,000 on March 20 as analysis warned that support could “crack.”
BTC price weakness targets $60,000
Data from Cryptocastdiary and TradingView tracked another night of BTC price losses, these so far bottoming at $60,760 on Bitstamp.
Now down 17.5% versus its all-time highs, BTC/USD continued to field selling pressure thanks to several key headwinds.
As Cryptocastdiary, these include outflows from the United States’ spot Bitcoin exchange-traded funds (ETFs) and the March 20 decision on interest rates by the Federal Reserve.
While the outcome of the Federal Open Market Committee (FOMC) meeting is all but guaranteed, Fed Chair Jerome Powell’s subsequent commentary is under the microscope for risk assets.
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