Bitcoin struggles under $60,000 amid persistent ETF withdrawals. Here is what experts say
Synopsis
Bitcoin hovers below $60,000 as investors withdraw from spot ETFs, driven by concerns over rising US interest rates. Major altcoins saw mixed movements, with some gaining up to 4%. Analysts suggest a potential dip to $55,500-$56,000 if Bitcoin breaks key support. The overall market sentiment remains cautious, reflecting a broader decline in risk assets.
Bitcoin struggled under the $60,000 mark as investors pulled out further from spot exchange-traded funds amid growing anxiety over higher U.S. interest rates. The cryptocurrency was trading at $60,127 mark.
In the past 24 hours, Bitcoin was up 0.3% and Ethereum was up 1% and trading at $1,576. Among the major altcoins, BNB, XRP, Solana, Hyperliquid, Dogecoin, and Cardano gained up to 4% whereas Tron was down 0.4%.
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Crypto TrackerTOP COINS (₹) Ethereum149,163 (0.11%)Tether94 (-0.21%)USDC94 (-0.21%)Bitcoin5,692,474 (-0.5%)BNB53,295 (-0.7%)The global crypto market capitalisation went up 0.6% to $2.08 trillion, according to .
Piyush Walke, Derivatives Research Analyst, Delta Exchange said the broader decline in risk assets, especially equities, further dampened investor appetite cryptocurrencies and Spot Bitcoin ETFs clocked a seventh straight week of outflows, as investors continued to steadily pivot out of crypto.
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Walke further said if Bitcoin falls below $58,000, it could extend its decline toward the $55,500–$56,000 support area. Overall, the broader outlook remains cautious until key resistance levels are reclaimed.
In the past week, Bitcoin and Ethereum were down 5.5% and 8.6% respectively. Among the major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin and Cardano corrected up to 10%.
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WazirX market’s desk said crypto markets moved from early-week resilience to late-week caution, as Bitcoin slipped from $64K to $58K and Ethereum moved from $1,729 to $1,525. Higher-than-expected U.S. inflation and long liquidations weighed on sentiment, but support zones remained in focus.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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