The volatile nature of spot Bitcoin ETF data, the lack of a positive macroeconomic outlook on the US side and various factors affected the course of Bitcoin (BTC). BTC has lost 3.58 percent in the last 24 hours.
The loss of the support point in the $ 64,000 band exacerbated the decline in BTC. BTC is at risk of retreating to $ 60,800 support.
What data will be important for BTC's trajectory? Will BTC be able to regain the $64,000 area?
Bitcoin (BTC) longs for sunny days
Bitcoin (BTC), which rose more than 10 percent between May 3 and May 6, experienced a reversal. The leader of cryptocurrencies fell more than 5 percent from its peak on May 6.
BTC's volatile nature has also affected cryptocurrency traders. Compared to the appetite in previous weeks, it has been observed that the appetite for buying has decreased recently.
BTC's decline was triggered by Grayscale's withdrawal of its Ethereum futures ETF application and spot Bitcoin ETFs' net outflows on the second trading day of the week. BTC is trading in a critical zone due to the pessimistic mood.
Looking at the chart, BTC price weakened as it lost the $64,000 support. If BTC fails to regain $64,000, which has become resistance, it could fall as low as $60,800. This decline would be considered normal under current market conditions. While there is still no more positive data flow on the US side, the increasing pessimism in spot Bitcoin ETFs strengthens the bearish scenario.
If BTC retreats to the $60,800 support, it may face buying appetite in this region. This appetite could help BTC recover to some extent. If the price will test $64,000 again, it would be healthy to see the $60,800 support first. If the $60,800 support is also lost, the next scenario for BTC could be a retreat to $59,000.
