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18 hour ago
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BEARISH 📉 : Bitcoin falls below $67,000 amid Stifel’s bearish forecast

Bitcoin (BTC) experienced a significant drop, briefly falling below $67,000, marking its lowest price since November 2024.

Potential Further Decline?

  • Investment bank Stifel projects Bitcoin could decline to $38,000, representing a 43% decrease from current levels.
  • The forecast is influenced by tighter US Federal Reserve policy, uncertainty in US crypto regulation, reduced market liquidity, and sustained outflows from Bitcoin ETFs.
  • Stifel notes that historical Bitcoin market cycles often see deep drawdowns following peaks.
  • Market observer Walter Bloomberg highlights weakening demand, decreased ETF inflows, and stress in derivatives markets leading to "forced deleveraging."

Technical Analysis and Market Sentiment

  • Spot Bitcoin ETFs recorded net outflows of approximately 7,925 BTC ($533 million) on the day.
  • Over the last week, net outflows totaled roughly 19,090 BTC ($1.28 billion), indicating declining institutional demand.
  • Analyst MartyParty emphasizes the significance of the $68,000 level, aligning with the 200-week exponential moving average.
  • If Bitcoin fails to hold above this zone, it may move toward the 200-week simple moving average near $58,000.

Bitcoin

Current trading price for Bitcoin is around $67,100, showing an 8% drop for the day and over 20% decrease over the past week, according to CoinGecko data.