Bitcoin faces $58K test as U.S. demand cracks – What’s next for BTC?
Bitcoin (BTC) faces a critical test around $58,000 as key pillars of its rally show significant weakness. The primary concern is a notable drop in U.S. demand, historically a major driver for BTC. The U.S. to Rest of World Reserve Ratio has fallen from a peak near 1.79 to around 1.59, indicating declining American capital inflows. This trend is confirmed by substantial spot Bitcoin ETF outflows, with the latest monthly net flow showing an outflow of approximately $4.29 billion, marking a sharp reversal from previous months of strong institutional buying. With BTC trading near $58,500 and sellers in control, technical indicators like the RSI point to continued market pressure. Analysts suggest that without a recovery in U.S. demand and a price move back above the $60,000-$62,000 range, BTC faces the risk of further decline to lower support levels.
ambcrypto07/01 07:02