Why did the price of bitcoin fall and where will it go next?
Bitcoin hit its lowest price level in two weeks, again showing support at $66,000.
A wave of selling has pushed the price of bitcoin (BTC) back to $66,000 this Tuesday. This level, which is its two-week low, has acted as market support for the past three weeks.
In this sense, Bitcoin is now in a key price zone that could act as a psychological floor, as shown below. However, if selling pressure intensifies, a deeper fall to previous supports between USD 65,000 and USD 60,000 is possible.
The current pullback has been influenced by bitcoin exchange-traded funds (ETFs) in the United States. These instruments culminated on Monday with outflows of USD 65 million, after registering the longest streak of inflows in their history (19 consecutive days). This can be seen in the following graph.