Bitcoin's price decline today is influenced by various factors, notably regulatory pressures on centralized exchanges in the U.S. and the retesting of the critical $37,500 level. The market sentiment is also impacted by Bitcoin miners' net outflows, concentrated institutional buying, and broader macroeconomic indicators.
Additionally, concerns arise from the SEC's scrutiny of Binance.US and the lawsuit against the Kraken exchange, leading to cautious trading behaviors. Moreover, the crypto market is down due to worries about potential delays in SEC decisions regarding spot BTC ETF applications, resulting in over $160 million long liquidations and a shift from optimism to uncertainty among traders.
With BTC falling below its 200-day moving average and the Federal Reserve signaling no rate cuts, attention is drawn to the bull market trendline and the awaited spot bitcoin ETF approval, while upcoming reports on labor market data and average hourly earnings could sway market dynamics.
Analysts suggest a possible price range between $51,500 and $65,800, emphasizing the importance of key support levels for Bitcoin's future trajectory amidst market volatility and regulatory challenges.
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