Bitcoin (BTC) Price Analysis and News

Bitcoin continued its bearish trajectory over the weekend. This Sunday, the largest cryptocurrency by market cap dropped by nearly 4% in the 24-hour chart.

Bitcoin price continued its bearish trajectory over the weekend. On Sunday, the largest cryptocurrency by market cap dropped by nearly 4% in the 24-hour chart. It went from a $61,228.58 high to a $58,886.83 low by 4:30 PM UTC.

The Crypto Fear & Greed Index reflected the cautious sentiments of investors in Bitcoin and the broader crypto market. Today, it read 34 points under the “Fear” level, which was significantly three points below its score on Saturday and 40 points down from its “Greed” rating a week ago.

For investors or traders with a high-risk appetite, the trend presents a great opportunity to buy the drip or execute a dollar-cost averaging strategy to lower their investment costs and boost their returns.

As reported earlier, Bitcoin’s spiraling down price was due to several major events in the market last week. Analysts primarily blamed it on the huge BTC transfers from the US Government’s crypto wallet address to a suspected custodial service.

Sell-offs from Bitcoin mining firms amid the all-time high mining difficulty also contributed to the digital asset’s price action. The looming fear of a recession in the US further weighed on the crypto asset’s decline.

Along the way, $80.7 million in total net outflows from 11 issuers hammered the US spot Bitcoin exchange-traded fund (ETF) market in the past week. Friday logged the highest negative flow at $237.4 million due to massive net outflows reported by five issuers of the financial instrument.

According to the data compiled by Farside Investors, the Fidelity Wise Origin Bitcoin (FBTC) ETF accounted for the highest outflow on Friday and over the week, at $104.1 million. It should be noted, however, that a number of issuers have recorded zero flows in their BTC ETFs, which has heavily impacted the outcome.

At the same period, spot Ethereum (ETH) ETFs experienced a total net outflow of $169.4 million. The converted Grayscale Ethereum Trust (ETHE) resumed its series of sell-offs, with net outflows ranging between $61.4 million and $210 million across its past five trading days.

Despite the ongoing onslaught of red candles in the Bitcoin chart, its community is currently being held by promises of a significant recovery by the end of summer. This was fueled by still-unconfirmed reports that Wall Street giant Morgan Stanley may be poising to catalyze a bullish reversal for BTC.

A few days ago, the mainstream media claimed that the institution instructed its team of 15,000 investment advisers to start offering BlackRock and Fidelity’s spot Bitcoin ETFs to high-value clients. These cater to individual accounts with at least $1.5 million net worth and an “aggressive risk tolerance” for speculative investments.

This development, alongside the prospect of a more crypto-friendly regime if former President Donald Trump wins the next election, could turn things around by the end of the current quarter or the last quarter of the year.

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