Bitcoin's price continued to plummet, extending its decline to a local low of $61.4K. The decline was driven by a 32 BTC sale, heavy spot ETF outflows, and a change in taker demand trends. Analysts point to bearish regime shifts and a lack of willingness from U.S-based investors to pay a premium for BTC.
Bitcoin fell by another 3.9% in the last 24 hours, extending its price plunge to a local low of $61.4K. Strategy announced a 32 BTC sale, the first since 2022.
Heavy spot ETF outflows helped drive the price even lower. As expected, this caused a lot of capitulation, especially from short-term holders who bought during the rally of the past three months. The impulse performance metric has a fast and slow impulse component. Both were bearish after the downturn over the past two weeks.
The fast impulse was near -90, and the slow impulse had fallen to -59, according to crypto analyst Axel Adler Jr.market conditions. The current regime has been firmly bearish, and the slow impulse would need to climb back into positive territory to signal a regime shift. The shifting regime was backed by a change in the taker demand trends. Since March, aggressive buyers had kept the 30-day net taker volume position in positive territory.
The histogram turned negative recently though. The relief rally had been fueled by hopeful buyers, but this demand has since been exhausted. The impulse and net taker volumes confirmed a bearish scenario in progress that can be hard to recover from. In a post on X, analyst Darkfost pointed out that BTC exchange flows have dramatically altered direction.
In April, there was a weekly outflow of 2,500 BTC. Recently, this weekly average turned into a 2,410 BTC inflow. The hike in exchange inflows indicated heightened selling pressure. At a time when the U.S stock market is soaring, falling crypto trends can hasten investors jumping ship.
The drop in the Coinbase Premium Index in recent weeks reflected the lack of willingness from U.S-based investors to pay a premium for BTC. In other words, demand could be drying up, and conviction may be low. The slow impulse metric’s shift highlighted a bearish regime shift, in line with the higher timeframe downtrend. AMBCrypto was founded in 2018 with a mission to simplify and bring the latest blockchain and cryptocurrency news to our readers.
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Bitcoin Price ETF Taker Demand Bearish Regime
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