Bitcoin experienced a sharp drop on Thursday, falling to a range between $83,600 and $84,400, marking its lowest level in two months. This decline represents a loss of up to six percent within 24 hours, following a recent peak above $90,000. Other cryptocurrencies, including Ethereum, have seen even larger decreases in value.
The downturn coincides with a rise in outflows from cryptocurrency exchange-traded funds (ETFs), suggesting growing investor caution in the market.
**Why this matters**
Bitcoin’s drop below the $84,000 support level raises concerns about potential further declines in the cryptocurrency market. Increased ETF outflows may indicate reduced investor confidence, which could impact liquidity and price stability across digital assets. Monitoring these trends is important for understanding the broader market sentiment and potential future movements.
Source: News Source