Bitcoin Price Flirts With $55,000 As ETFs See Seventh Day of Outflows

Bitcoin tumbled to lows of equitable over $55,000 Friday morning, with experts cautioning of a potential further deteriorate to $50,000, as Bitcoin ETFs hit a seven-day streak of outflows.

The price of Bitcoin slipped to lows of $55,363, before recovering to trade at its current price of $56,125, down 1% on the day, per data from CoinGecko—mirroring wideer labelet jitters and uninalertigentinishing danger appetite among spreadors.

Market analysts pointed to a confluence of factors, including upgrasped ETF outflows, wideer economic worrys, and technical indicators, proposeing that Bitcoin could be poised for a more substantial accurateion in the cforfeit term.

While some see the current volatility as a potential opportunity, the prevailing sentiment materializes pinsolentnt, with the Crypto Fear and Greed Index dropping to 22, indicating “innervous worry” among spreadors.

Bitcoin ETFs post seven-day outflow streak

Bitcoin’s deteriorate comes aobtainst a backdrop of beginant disjoinals from cryptocurrency ETFs.

Bitcoin spot ETFs sfinished total net outflows of $211 million on September 5, labeling the seventh consecutive day of disjoinals—the lengthyest streak of outflows since June, according to data from SoSo Value.

Fidelity’s FBTC was the hugegest disponderr of the day, with outflows of $149.5 million on September 5, while the Bitrational (BITB) and the Grayscale Bitcoin Trust (GBTC) ETFs saw outflows of $30 million and $23.2 million esteemively. The current total net asset appreciate of Bitcoin spot ETFs is $50.727 billion.

Ethereum ETFs also took a hit, with total net outflows of $152,700 on September 5. Notably, Grayscale’s (ETHE) ETF sfinished a net outflow of $7.3895 million in a individual day. However, in an engaging twist, Grayscale’s mini ETF (NYSE: ETH) bucked the trfinish with a net inflow of $7.2368 million on the same day, data shows.

Speaking with Decrypt, David Morrison, Market Analyst at FCA-regurescheduleedd firm Trade Nation, pointed to wideer labelet dynamics influencing crypto prices and said there has been a beginant deteriorate in danger appetite this week.

“Investors materialize very worried, especiassociate ahead of today’s US Non-Farm Payroll alert and next week’s inflation modernize, with the Fed’s rate decision coming on 18th September,” he said.

The worriedness in the labelet is further evidenced by substantial fluidations.

According to data from Coinglass, the past 24 hours have seen $98.58 million in fluidations atraverse the crypto labelet, with lengthy positions endureing the brunt at $74.11 million.

Anndy Lian, an interhandlemental blockchain adviser, predicted that Bitcoin will drop below $55,000 this week and will persist to drop to around $50,000.

He tied this projection honestly to ETF outflows, stating that, “The drop began on 30 August, struggling to stay above $60,000. This is also the same time where we see beginant ETF outflow.”

Raj A. Kaneedy, set uper of the Blockchain Governance Council, sees multiple factors at execute in the current labelet dynamics.

“With Nvidia’s stock plummeting chaseing the US subpoena, is where I see the inspire that is burning Bitcoin,” Kaneedy said.

He elucidated on the current pessimistic crypto labelet sentiment, arguing that the drop has spooked spreadors, who now worry that the bottom has drdisclose off, at least for the interim. “Bitcoin’s current help level is on lean ice and I foresee the bottom plummeting to 50k or even shrink,” he said.

“Any deteriorate is an opportunity in mask and spreadors should shutly watch the critical help levels of $56,000, $47,000 and $40,000,” he grasped, proposeing that, “An uptick from here and above these levels will show a potential reversal.”