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BTC falls below $87,000 as ETF outflows increase, whale involvement drops
Bitcoin price remains at $86,770 on Wednesday after failing to cross $90,000.
US-listed spot ETFs had $188.64 million in withdrawals on Tuesday, the fourth straight day.
Santiment statistics reveal fewer Bitcoin whales, sharks, and dolphins, suggesting lower large-holder activity.
Bitcoin (BTC) remained below $87,000 on Wednesday, failing to recapture a psychological threshold earlier this week. Continued withdrawals from Bitcoin spot Exchange-Traded Funds (ETFs) and a fall in whale, shark, and dolphin involvement are impacting on market sentiment and keeping BTC's short-term outlook cautious.
Weakening institutional demand hurts Bitcoin.
Institutional demand kept falling this week. On Tuesday, SoSoValue data showed $188.64 million in withdrawals from Spot Bitcoin ETFs, the fourth straight day since December 18. If these outflows increase, Bitcoin may fall lower.
The Santiment data below reveals that Bitcoin wallets dropped 2.2% from 999,320 on March 3 to 974,380 on Monday, indicating lower large-holder engagement and market confidence. If this trend increases, BTC may correct further.
Bitcoin Price Prediction: $90,000 rejection
Bitcoin retested $90,000 on Monday and fell marginally the next day. Wednesday, BTC is at $87,700.
BTC may continue its drop toward $85,569, crucial support.
However, if BTC closes over $90,000, it might return to $94,253 barrier.
#BTC $BTC
Bitcoin price remains at $86,770 on Wednesday after failing to cross $90,000.
US-listed spot ETFs had $188.64 million in withdrawals on Tuesday, the fourth straight day.
Santiment statistics reveal fewer Bitcoin whales, sharks, and dolphins, suggesting lower large-holder activity.
Bitcoin (BTC) remained below $87,000 on Wednesday, failing to recapture a psychological threshold earlier this week. Continued withdrawals from Bitcoin spot Exchange-Traded Funds (ETFs) and a fall in whale, shark, and dolphin involvement are impacting on market sentiment and keeping BTC's short-term outlook cautious.
Weakening institutional demand hurts Bitcoin.
Institutional demand kept falling this week. On Tuesday, SoSoValue data showed $188.64 million in withdrawals from Spot Bitcoin ETFs, the fourth straight day since December 18. If these outflows increase, Bitcoin may fall lower.
The Santiment data below reveals that Bitcoin wallets dropped 2.2% from 999,320 on March 3 to 974,380 on Monday, indicating lower large-holder engagement and market confidence. If this trend increases, BTC may correct further.
Bitcoin Price Prediction: $90,000 rejection
Bitcoin retested $90,000 on Monday and fell marginally the next day. Wednesday, BTC is at $87,700.
BTC may continue its drop toward $85,569, crucial support.
However, if BTC closes over $90,000, it might return to $94,253 barrier.
#BTC $BTC
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BTC
87,400
+0.54%