Bitcoin Slides as Market Looks for Investor Buying
Dow Jones
7 hours ago
1216 ET - Bitcoin is down 0.7% to $85,208, with low demand for the cryptocurrency from investors offsetting any positive momentum coming from reduced odds for an interest rate hike at the Federal Reserve's next meeting at the end of the month, says analysts for Bitget Wallet in a note. "A convincing move higher would require sustained ETF inflows, stronger spot buying and a daily or weekly close above roughly $87,400," says Lacie Zhang of Bitget Wallet. If the token can maintain these conditions, then prices could rise to above $90,000, said Zhang. Bitcoin ETFs ended last week with two straight days of ETF inflows, according to data from Coinglass.
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