Bitcoin, the largest cryptocurrency by market capitalization, is back below $110k today as it loses 2.96% of its gains from the previous day. At the time of writing, Bitcoin is trading for $107,982, down from its intraday high of $111k.
The dip is as a result of traders reacting to the uncertainty surrounding the upcoming meeting between the U.S. President Donald Trump and Chinese President Xi Jinping, scheduled for late October in South Korea. Meanwhile, this is after Bitcoin had a short rebound on Monday to $111,549 after a whole week of losing streak.
Other cryptocurrencies are also following similar price action. For instance, Ethereum now trades for $3,890. This is a 3.57% drop from the previous day when it recovered above $4000 to a daily peak of $4190, according to CoinMarketCap.
Bitcoin ETF Sees $40.5M Outflow
According to data from SoSoValue, spot Bitcoin ETFs recorded $40.5 million in net outflows over the last 24 hours, while Ethereum ETFs saw $145.7 million move out. Last week, Bitcoin ETFs posted $1.23 billion in outflows, which was their second-largest weekly loss on record.
Meanwhile, Veteran trader Peter Brandt suggests that Bitcoin’s recent rally which saw it reached a new high of $126k early this month may have reached its top after an impressive 8.2X price increase since its previous low.
“IF Bitcoin has topped (hey trolls, the word ‘IF’ is an English qualifier), nobody can whine that an 8.2X advance cheated you.” he said in his tweet.
In short, this suggests that the buying momentum might be over, and Bitcoin might be preparing for a downtrend correction soon.
Also Read: Strategy Adds 168 BTC, Extends Treasury to 640,418
