Bitcoin is down as much as 6% on Tuesday already. The rest of the crypto market is fairing a lot worse. How far can this correction go? Is the bull market over?
With more than $640 million worth of $BTC being sold out of the Grayscale Bitcoin ETF (GBTC) on Monday, making it a record outflow day for this ETF, even the Blackrock Bitcoin ETF (IBIT) was not able to match it, in spite of a daily inflow of $451 million. Therefore, the day was overall negative for the $BTC flows for the first time for weeks, with a -$154 outflow the result for the day.
This damper on the price succeeded in speeding up the current $BTC correction, with the king of the cryptocurrencies currently over 6% down on Tuesday, which makes the overall pullback from the new top just short of 15%.
Support reached – will it hold?
Source: Coingecko/Trading View
The $BTC price is right now holding a support, albeit not the strongest one. The price is inside of a descending wedge, which is a bullish pattern. If
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