Why is the price of Bitcoin down today?

The price of Bitcoin continues to fall, finding no reason for a rally this week. The broader cryptocurrency market is also feeling the pressure, as the past 24 hours saw most coins drop in value.

Bitcoin price falls below $64,000

Bitcoin has been going through difficult times for the past few days, unable to make any sort of recovery.

As reported by CryptoPotato earlier this week, the price tried to advance towards $66,000, but sellers intercepted the move and reset their positions. At the time of writing, BTC is trading below $64,000.

Source: TradingView

This move also resulted in a relatively sizable amount of liquidated positions, most of which had been long. In fact, the last 24 hours saw total liquidations of about $150 million, 73% of which were long.

The drop also coincides with a relative drop in the stock market over the last day.

Source: Finviz

As seen in the heat map above, many of the top stocks in the index, including NVDA, AAPL, MSFT and others, are posting declines.

Other reasons why Bitcoin price is down today

We previously reported that Bitcoin trader fatigue has reached record levels as the price anticipates a rally. In essence, what this means is that the crowd is afraid or disinterested in the current price range. According to analytics firm Santiment:

This widespread level of FUD is rare as traders continue to capitulate. BTC trader fatigue, combined with whale accumulation, generally leads to bounces that reward the patient.

However, there are additional factors to consider. For once, the retail crowd isn’t here yet, according to the research.

Also, Bitcoin exchange-traded funds (ETFs) are experiencing considerable outflows, which means people are selling through ETFs. Over the past week, all domestic Bitcoin ETFs in the US experienced a total of $900 million in “losses” for the week.

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