In this video, we break down Bitcoin on the Daily chart using Elliott Wave Theory. You’ll discover both bullish and bearish scenarios, plus the critical price levels and targets to watch. Video by Koenz Trading.
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Bitcoin (BTC) is trading around $74,100 to $74,500, down roughly 1.6% over the last 24 hours. The market is facing heavy sell-side momentum today, marking a continuation of a five-week losing streak that has pulled the digital asset down significantly from its prior highs.
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Bitcoin Insights Today
• Record ETF Capital Outflows: Spot Bitcoin ETFs just registered a massive $1.28 billion weekly net outflow, their worst weekly performance since late June. These massive exits have effectively wiped out year-to-date ETF inflows and forced funds to sell physical underlying BTC directly into the market.
• Macroeconomic Headwinds & Fed Odds: Following a hot jobs report and acceleration in headline CPI data, market expectations for a December Federal Reserve interest rate hike have spiked to roughly 77%–80%. Higher-for-longer interest rates continue to drain liquidity out of risk assets like cryptocurrencies.
• Corporate Portfolios Underwater: Due to the slide under $75,000, MicroStrategy's massive $64 billion Bitcoin allocation has officially dipped underwater relative to its average purchase cost of $75,451 per coin.
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