Market Wrap: Bitcoin Dips Below $60K as ETF Enthusiasm Fades

Posted on by American Coins & Gold

Market Wrap: Bitcoin Dips Below K as ETF Enthusiasm Fades
Bitcoin continues to decline after buyers failed to sustain last week’s all-time high of around $66,900. Analysts pointed to extreme optimism, leverage and profit-taking as possible reasons behind the latest pullback in BTC’s price. Support, or the level at which buyers tend to invest, is around $53,000.A pullback was overdue and more downside volatility could be in the offing, CoinDesk’s Omkar Godbole reported. For example, the estimated bitcoin leverage ratio, which is calculated by dividing futures’ open interest across all exchanges by bitcoin reserves on exchanges, is at the highest level since September, which preceded a crypto sell-off.Bitcoin’s near-40% price…