Crypto Daily – ($BTC) is continuing to struggle, languishing under $57,000 once again. It seems that even the institutions are starting to feel the pain as another 4.87K $BTC was sold out of the Spot Bitcoin ETFs on Tuesday.
Weaker hands being shaken out
Deep in the doldrums once again, the $BTC price is threatening yet more downside. A fifth straight day of Spot Bitcoin ETF outflows is certainly not helping matters. It looks like perhaps some of the institutions are getting cold feet, given the months of sideways and downwards price action for the alpha cryptocurrency.
However, most institutions would surely continue to hold, in view of the fact that their time horizons would be far longer than the average retail investor. Market analysts always talk about “shaking out the weaker hands”, and this could be a time when this exact process is happening.
Battle to hold $56,700
Source: TradingView
In the short term time frame, it can be seen…
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