Key facts
- Bitcoin fell below $80,000, reaching a low of $79,332.
- U.S. spot Bitcoin ETFs saw net outflows of $773.4 million over Thursday and Friday.
- Bitcoin remains 36% below its all-time high of $126,080.
Bitcoin experienced a dip below the $80,000 mark, reaching approximately $79,330, amid broader market concerns and anticipation of the Federal Reserve's upcoming rate decision. The cryptocurrency was trading at $80,264, reflecting a 2.7% decrease over the week. U.S. spot Bitcoin ETFs recorded substantial net outflows totaling over $773 million on Thursday and Friday, impacting the monthly performance. Analysts attribute the decline to a general sell-off in risk assets, particularly technology stocks, and persistent inflation fears.
Factors contributing to the downward pressure include outflows from Bitcoin ETFs and the unwinding of leveraged positions. Analysts are closely watching key support levels, with $75,000 identified as a significant level if further declines occur. The upcoming Federal Reserve decision and major technology earnings reports are expected to influence Bitcoin's trajectory.