Bitcoin Faces Rejection, Sinks to $62K

• Bitcoin (BTC) drops by 2.3% over the past 24 hours to $62K.
• The daily trading volume of BTC observes an 18% decline to $25.16 billion.

Bitcoin bulls encountered rejection at the key resistance level of $64.5K, subsequently retreating to $62K. Within the past 24-hour trading window, the price of BTC dropped by 2.3%, hitting a low of $62,111.

Due to this decline, the global crypto market witnessed a 1.3% drop in market capitalization. Meanwhile, the market’s 24-hour trading volume declined by 17.38% to $63.46 billion. On the other hand, in the past 24 hours, the market has observed a liquidation of over $145 million — $113 million in long positions and $32 million in short positions. Over $40 million in Bitcoin positions were liquidated amid this price drop, as per data from Coinglass.

Analyzing the 4-hour price chart, it is evident that the MACD (moving average convergence/divergence) displayed a negative histogram, indicating a downturn. Additionally, the movement of the 12-day moving average (12MA) below the 26-day moving average (26MA) confirms this trend. At press time, Bitcoin (BTC) traded at $62,163 and its contender Ether (ETH) at $2,998 after a 24-hour price drop of 1.78%.

Did Spot Bitcoin ETFs See a Decline in Outflows?

In the US markets, the spot Bitcoin ETFs (exchange-traded funds) experienced a net outflow of $15.64 million on Tuesday. This is comparatively lower than the past week’s data. According to SoSoValue data, Grayscale’s GBTC noted a net outflow of $29 million. BlackRock’s IBIT recorded an insignificant net inflow. Meanwhile, Fidelity’s FBTC recorded a net inflow of $4 million, Ark Invest’s ARKB with $3 million. Among them, Invesco Galaxy’s BTCO recorded the day’s high net inflow of $6 million. The valuation of all these 11 spot BTC ETFs totaled $52.25 billion.

Notably, global investment firm Susquehanna International Group (SIG) is now the last holder of spot Bitcoin ETFs with over $1.8 billion AUM (assets under management). The firm’s predominant investment is in GBTC ($1.09 billion). On the other hand, Hong Kong spot ETFs recorded smaller amounts of net outflows.

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