{"id":626705,"date":"2024-06-27T14:30:51","date_gmt":"2024-06-27T14:30:51","guid":{"rendered":"https:\/\/ktsl888.com\/?p=626705"},"modified":"2024-06-27T13:06:22","modified_gmt":"2024-06-27T13:06:22","slug":"bitcoin-price-down-today","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-price-down-today\/","title":{"rendered":"Why Is The Bitcoin Price Down Today?"},"content":{"rendered":"

The Bitcoin price is in a decline once more, after seeing some recovery<\/a> on Wednesday due to the turnaround in the Spot Bitcoin ETFs net flows. However, just one day later, it seems the pioneer cryptocurrency has resumed the downtrend and this decline after the recovery has begun a worrying trend. So, what are the factors that are driving this decline?<\/p>\n

Bitcoin Price Suffers From Sell-Offs<\/h2>\n

One of the major factors that have been behind the Bitcoin decline<\/a> is the major sell-offs that have rocked the digital asset. These sell-offs are not just from any investor, but rather large BTC sells being orchestrated by large governments.<\/p>\n

Related Reading: Bitwise CIO Expects $15 Billion To Flow Into Spot Ethereum ETFs, How Will ETH React?<\/a><\/div>\n

One of the major news that rocked the space was the fact that the German government had begun selling coins. In total, the German government sold around 2,786 BTC<\/a>, which was worth around $$140 million at the time of the sale.<\/p>\n

However, the German government is not the only one that has been selling. News also broke that the US government had begun moving Bitcoin seized from the Silk Road bust once again. On-chain data aggregator Arkham reported that the US government had moved almost 4,000 BTC from its wallets to the Coinbase exchange.<\/p>\n

In total, the US government moved 3,940 BTC to the exchange<\/a>, which amounted to $241.22 million at the time of the transaction. This transfer is worrying as coins are usually moved to centralized exchanges such as Coinbase for sale as these trading platforms possess deeper liquidity compared to their decentralized counterparts.<\/p>\n

Has BTC Reached Its Bottom?<\/h2>\n

While the downtrend looks to have resumed, there are signs that point to the bottom being closed. One of these signs is the return of demand into the market. For example, the Spot Bitcoin ETFs had seen seven consecutive days of outflows<\/a>, which eventually turned around on Tuesday. Data from Coinglass shows<\/a> that between Tuesday and Wednesday, inflows into the Spot Bitcoin ETFs have crossed $50 million, ending the brutal week of outflows.<\/p>\n

Related Reading: Triangle Formation That Sparked The 2017 XRP Rally Returns, What\u2019s The Target?<\/a><\/div>\n

Another possible tell is the profit and loss margin for investors. This shows how many Bitcoin investors<\/a> are currently seeing profit, and the higher the profitability, the higher the likelihood of a sell-off as investors take profit from their positions.<\/p>\n

However, the profitability levels have dropped, meaning that investors are less likely to sell their holdings as they wait for better prices. This often gives demand time to build up and create a possible bounce point for a recovery.<\/p>\n

For now, the Bitcoin price is holding steady at the $61,000 support at the time of writing. But if sell-offs resume, then the pioneer cryptocurrency could fall to the $60,000 level soon<\/a>.<\/p>\n

\"Bitcoin
Bulls reclaim control of BTC price | Source: BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

The Bitcoin price is in a decline once more, after seeing some recovery on Wednesday due to the turnaround in the Spot Bitcoin ETFs net flows. However, just one day later, it seems the pioneer cryptocurrency has resumed the downtrend and this decline after the recovery has begun a worrying trend. So, what are the factors that are driving this decline? Bitcoin Price Suffers From Sell-Offs One of the major factors that have been behind the Bitcoin decline is the major sell-offs that have rocked the digital asset. These sell-offs are not just from any investor, but rather large BTC sells being orchestrated by large governments. Related Reading: Bitwise CIO Expects $15 Billion To Flow Into Spot Ethereum ETFs, How Will ETH React? One of the major news that rocked the space was the fact that the German government had begun selling coins. In total, the German government sold around 2,786 BTC, which was worth around $$140 million at the time of the sale. However, the German government is not the only one that has been selling. News also broke that the US government had begun moving Bitcoin seized from the Silk Road bust once again. On-chain data aggregator Arkham reported that the US government had moved almost 4,000 BTC from its wallets to the Coinbase exchange. In total, the US government moved 3,940 BTC to the exchange, which amounted to $241.22 million at the time of the transaction. This transfer is worrying as coins are usually moved to centralized exchanges such as Coinbase for sale as these trading platforms possess deeper liquidity compared to their decentralized counterparts. Has BTC Reached Its Bottom? While the downtrend looks to have resumed, there are signs that point to the bottom being closed. One of these signs is the return of demand into the market. For example, the Spot Bitcoin ETFs had seen seven consecutive days of outflows, which eventually turned around on Tuesday. Data from Coinglass shows that between Tuesday and Wednesday, inflows into the Spot Bitcoin ETFs have crossed $50 million, ending the brutal week of outflows. Related Reading: Triangle Formation That Sparked The 2017 XRP Rally Returns, What\u2019s The Target? Another possible tell is the profit and loss margin for investors. This shows how many Bitcoin investors are currently seeing profit, and the higher the profitability, the higher the likelihood of a sell-off as investors take profit from their positions. However, the profitability levels have dropped, meaning that investors are less likely to sell their holdings as they wait for better prices. This often gives demand time to build up and create a possible bounce point for a recovery. For now, the Bitcoin price is holding steady at the $61,000 support at the time of writing. But if sell-offs resume, then the pioneer cryptocurrency could fall to the $60,000 level soon. Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":626712,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,656,679,1119,92092,1122,1144,78790,1944,89193,84647],"class_list":["post-626705","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news-bitcoin-etf","tag-btc-price","tag-btcusd","tag-btcusdt","tag-etf","tag-etf-news","tag-spot-bitcoin-etf"],"acf":[],"yoast_head":"\nWhy Is The Bitcoin Price Down Today?<\/title>\n<meta name=\"description\" content=\"The Bitcoin price is in a decline once more, after seeing some recovery on Wednesday due to the turnaround in the Spot Bitcoin ETFs.\" \/>\n<meta name=\"robots\" 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/ktsl888.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why Is The Bitcoin Price Down Today?","url":"http:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-price-down-today\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-price-down-today\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/06\/Bitcoin_ab0d8a.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/06\/Bitcoin_ab0d8a.jpeg?fit=1792%2C1024"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","btc","btc news bitcoin etf","btc price","btcusd","btcusdt","etf","etf news","spot bitcoin etf"],"dateCreated":"2024-06-27T14:30:51Z","datePublished":"2024-06-27T14:30:51Z","dateModified":"2024-06-27T14:30:51Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why Is The Bitcoin Price Down Today?\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin\\\/bitcoin-price-down-today\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin\\\/bitcoin-price-down-today\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/Bitcoin_ab0d8a.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/Bitcoin_ab0d8a.jpeg?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news bitcoin etf\",\"btc price\",\"btcusd\",\"btcusdt\",\"etf\",\"etf news\",\"spot bitcoin etf\"],\"dateCreated\":\"2024-06-27T14:30:51Z\",\"datePublished\":\"2024-06-27T14:30:51Z\",\"dateModified\":\"2024-06-27T14:30:51Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/06\/Bitcoin_ab0d8a.jpeg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/626705"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=626705"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/626705\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/626712"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=626705"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=626705"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=626705"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}