Bitcoin Price Prediction as BTC Falls to Lowest Level in a Month – Where is the Next Support?
Bitcoin price prediction is currently in focus as BTC falls to its lowest level in a month, trading at $64,295. Recent net outflows from US spot Bitcoin ETFs, amounting to $139.88 million, have pressured BTC prices.
Major outflows from Grayscale’s GBTC and Fidelity’s FBTC contrast with BlackRock’s IBIT, which saw a net inflow. Additionally, economic data and Fed policy expectations suggest potential market shifts that could influence Bitcoin’s next support levels.
US spot Bitcoin ETFs have seen a net outflow of $139.88 million for five consecutive days. Major outflows include $53 million from Grayscale’s GBTC and $51 million from Fidelity’s FBTC. Conversely, BlackRock’s IBIT recorded a net inflow of $1 million. The total trading volume for these ETFs fell to $1.16 billion from $1.7 billion earlier in the week.
In other news:
These ETF outflows and reduced trading volumes exert downward pressure on BTC prices. However, institutional confidence and upcoming Ethereum funds might provide some support and mitigate significant losses.
Disappointing US economic data released has reinforced expectations that the Federal Reserve will soon begin easing its policies, helping to limit Bitcoin’s losses. Markets are now anticipating a possible interest rate cut at December’s policy meeting, despite the Fed’s initially hawkish stance.
Minneapolis Fed President Neel Kashkari suggested it could take a year or two to bring inflation back to the 2% target. Richmond Fed President Tom Barkin emphasized the Fed’s readiness to address policy issues with available tools and the importance of staying responsive to economic data.
Key data points include:
This stronger economic data supports the USD, which can put downward pressure on Bitcoin as
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