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Analyst: Bitcoin breaks below $63,000 due to ETF outflows and geopolitical risks

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According to Bijing News, Bitcoin (BTC) edged slightly lower in Monday trading and is now below $63,000, following a more than 6% gain last week. Last week, U.S. spot Bitcoin ETFs recorded net outflows of $526.64 million, marking the eighth consecutive week of net redemptions, extending the longest outflow cycle since the ETFs began trading. If institutional investors continue to reduce their holdings, Bitcoin may face new selling pressure. Global geopolitical uncertainties also pose headwinds for Bitcoin. Although investor sentiment briefly improved last week due to eased U.S.-Iran tensions, concerns over the Strait of Hormuz have resurfaced. Iran may impose new service fees on vessels passing through the shipping route, adding to uncertainty. On the technical side, Bitcoin is still trading above a key long-term support level, with the 200-week simple moving average (SMA) currently at $62,867. As long as it stays above this level, the overall recovery remains intact.
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GateUser-e4351615
· 5h ago
If the 200-week moving average at 62.8k holds, it's the last dignity for the bulls; if it fails to hold, the previous 6% gain will be for nothing.
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