Bitcoin hovers around €63,000 after a heavy correction
Bitcoin trades around €63,000 after a correction from €71,000. Resistance is at €68,500, support around €65,500. ETF outflows and geopolitics weigh on sentiment.
The Bitcoin price is under pressure today and trades around €63,000. After a correction from roughly €71,000, the market appears to be stabilizing cautiously this weekend.
Technical zones
Analysts point to resistance at €68,500 and the 50- and 100-day averages as a ceiling. To the downside, €65,500 offers the first support zone; if that breaks, €63,000 comes into view.
Why is Bitcoin falling?
The biggest reason for the decline is persistent outflows from US Bitcoin ETFs — more than 2 billion dollars (roughly €1.75 billion) left these funds in two weeks. Geopolitical tensions around the Strait of Hormuz weigh further on sentiment.
Source: Crypto News.