bitcoin Traders are losing faith in the top crypto asset’s ability to jump higher in the near term.
Prediction market users on Myriad, the prediction market platform operated by Decipher parent company, Dastan, now predict a 53% chance that Bitcoin drops to $55,000 instead of increasing again towards $84,000. On Monday, users calculated a 62% probability of a bullish swing occurring.
The decline in confidence comes amid continued downward pressure on BTC, which has fallen more than 5% in the past 24 hours to recently trade at $67,312. Bitcoin has fallen more than 12% in the last week of trading.
The drawdown has been fueled by negative catalysts, including the recent sale of BTC by the leading Bitcoin treasury company. Strategywhich dumped 32 BTC worth around $2.5 million last week, its first sale since 2022 after amassing $57 billion in cryptocurrency.
Analysts previously said Decipher that Michael Saylor’s company sells Bitcoin could immediately change perceptions and conviction about the leading crypto asset. That warning now seems prescient just a day after the company’s announcement.
But there may be other factors at play. US Bitcoin ETFs are on an 11-day outflow streak, with more than $3.4 billion leaving exchange-traded products during that time. The exodus has seen Bitcoin ETFs turn negative in the year, which means that so far this year, more funds have left the products than have entered.
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Those hoping for a Bitcoin rebound have also been punished in the past 24 hours, with nearly $600 million in BTC long positions (or bets on the asset’s price rise) being liquidated. according to CoinGlass data.
As things stand, Bitcoin is now trading below $68,000 for the first time since April 5, according to data from CoinGecko. At that marker, BTC is 46% away from its all-time high of $126,080.