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Bitcoin price dropped by 4.41% over 24 hours, reaching $67,735, affected by global market weakness and institutional selling. What is the reason for this decline?
According to CoinMarketCap data, institutions withdrew approximately $228 million from Spot Bitcoin ETFs ahead of the release of important economic data, leading to significant selling pressure on the asset.
Bitcoin also has a strong correlation of 86% with the S&P 500 index, reflecting the impact of the US dollar strength and major economic events on its movements.
The markets also saw $(Long Liquidations) of buy positions being liquidated, totaling $107 million, and a decrease in open interest, which increased selling pressure.
What’s next?
Investors are watching the US inflation report (CPI) for February on March 11, which could determine the market and cryptocurrency trends in the coming period.
$BTC