U.Today – As it gets closer to $55,000 the price of is still showing signs of weakness, and a decline to $52,000 is looking more and more likely. A bearish attitude has been evident in recent market data, especially among institutional investors, who have been withdrawing their money from exchange-traded funds related to Bitcoin.
Sept. 5, 2017, saw $211 million in net withdrawals from Bitcoin spot ETFs the seventh day in a row of outflows. Notable ETFs saw withdrawals of $23.2 million from Grayscale’s GBTC ETF and a significant $149 million loss from Fidelity’s FBTC ETF. Bitwise’s BITB ETF saw a $30 million withdrawal following the same pattern.
As a result, the market’s declining institutional interest is reflected in the total net asset value of Bitcoin spot ETFs, which currently stands at $50.7 billion. The asset is presently trading below its 200 EMA, indicating a medium- to long-term bearish trend, according to the price chart of Bitcoin.
The price is currently within a declining price channel, and this downward trajectory is anticipated to continue unless there is a notable change in market sentiment. The amount of $52,000, which is at the bottom of the declining channel, is the next important level to keep an eye on. An even more marked sell-off may occur if the price breaks this level and keeps falling.
The bearish view is further supported by decreasing volume, which indicates that bulls do not have enough strength to drive the price higher at this point. A dearth of supportive market catalysts and institutional outflows seem to be the primary causes of the immediate selling pressure seen on Bitcoin. On the horizon, $52,000 is a critical level to keep an eye on. Investors should brace themselves for additional declines.
still sleeping
The Shiba Inu market is still showing signs of stagnation, moving in a narrow sideways range that indicates the present lack of interest from sellers as well as buyers. The lack of substantial movement in either direction supports the idea that investors are mainly ignoring the asset in favor of other opportunities.
It is clear from examining the provided chart that SHIB is trading in an extremely narrow range and has not made any significant price movements. Typically volatility is a crucial sign of market activity, and its absence indicates that SHIB is having trouble creating any excitement.
Relative to the 10% threshold, there has been no movement, which suggests that institutional and retail investors are…
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