Flow

FOMC

Bitcoin ETF

Bitcoin

Spot

<ul>
 <li>BTC’s price fell below $60,000, settling around $56,500, as US spot Bitcoin ETFs saw outflows exceeding $500M.</li>
 <li>The sell-off intensified after the Fed kept interest rates unchanged in a recent FOMC meeting.</li>
</ul>
Bitcoin’s (BTC) price took a significant hit, dipping below the $60,000 mark and settling around $57,000 amidst concerns of further decline. The downturn was worsened by <a href="https://thenewscrypto.com/blackrocks-bitcoin-etf-inflows-paused-for-4-consecutive-days/" target="_blank" rel="noopener noreferrer nofollow">substantial outflows</a> from US spot Bitcoin ETFs, exceeding $500 million on May 1st. This sell-off intensified following the Federal Reserve’s (Fed) announcement, led by Chair Jerome Powell, to maintain unchanged interest rates during the recent FOMC meeting, resulting in another 6.5% drop in Bitcoin’s value to $56,555.
<div class="wp-block-image">
 <figure class="aligncenter size-full"><img decoding="async" width="582" height="350" src="https://thenewscrypto.com/wp-content/uploads/2024/05/image-5.png" alt="" class="wp-image-97349" srcset="https://thenewscrypto.com/wp-content/uploads/2024/05/image-5.png 582w, https://thenewscrypto.com/wp-content/uploads/2024/05/image-5-300x180.png 300w" sizes="(max-width: 582px) 100vw, 582px">
 <figcaption class="wp-element-caption">Bitcoin Spot ETF Flow (Source: <a href="https://farside.co.uk/?p=997" target="_blank" rel="noopener noreferrer nofollow">Farside Investors</a>)
 </figcaption>
 </figure>
</div>
According to data from Farside investors, the market witnessed a staggering net outflow of $563.7 million from spot <a href="https://thenewscrypto.com/hong-kongs-new-bitcoin-and-ether-etfs-hit-11-2m-volume-on-first-day/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin ETFs</a> on Wednesday. BlackRock Bitcoin ETF IBIT experienced its first outflow since its inception, totaling $37 million. Meanwhile, Fidelity’s FBTC displayed the highest outflows at $191 million, surpassing Grayscale’s GBTC at $167 million. Remarkably, all nine spot Bitcoin ETFs in the U.S. reported net outflows on the same day, marking a significant shift in investor sentiment.
<h3 class="wp-block-heading" id="h-will-bitcoin-btc-continue-to-decline">Will Bitcoin (BTC) Continue to Decline?</h3>
At the time of writing, <a href="https://thenewscrypto.com/breaking-down-bitcoins-retreat-to-56k-a-call-for-caution/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin is trading</a> at $57,446, reflecting a 4.54% decrease in the past 24 hours and a 10% decline over the week. Furthermore, it has retreated by 22% from its all-time high of $73,750.&nbsp;
The Bitcoin market alarms continued selling pressure, with Bitcoin breaching key support levels recently. Now, the next critical support level lies around $53,500. However, a failure to hold this level could precipitate a further decline, with Bitcoin possibly dropping below $50,000 and even reaching $46,000.
Despite the bearish outlook, there are indications of a bullish trend line forming, with resistance at $59,000. A breakthrough above the $61,000 resistance barrier could propel the price upward, with the next resistance level at $63,500. If the price crosses this hurdle, it may rally towards $65,000, offering a glimmer of hope amidst the current market turbulence.

Bitcoin Plummets Below $57K Amidst Record Outflows from US ETFs

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