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As bitcoin’s price has dipped below the $60,000 mark and is currently hovering around $57,000, it could fall further to around $50,000, according to Standard Chartered Bank.
The U.S. spot bitcoin ETFs saw $343.5 million withdrawn from the funds in April — the first monthly net outflows since trading began in January.The spot bitcoin ETFs most recent net outflow streak extended to five days on Tuesday amid continued zero daily flows for BlackRock’s IBIT.
Bitcoin long liquidations spiked over $145 million in the past 24 hours as the price dropped to a low not seen since February.The digital asset’s price correction is partly due to falling demand from U.S.-based investors, according to CryptoQuant.
Upcoming macroeconomic clarity, or a lack thereof, is likely to be a key contributor to bitcoin’s next price movement