Bitcoin Price Outlook As Gold And Silver Lose $3.6 Trillion in Market Value

Bitcoin price has fallen 1.41% to $66,946 over the past 24 hours, following a bearish market trend. The larger cryptocurrency market also declined by 1.59%, with the market value at 2.29 trillion. This fall is largely influenced by macroeconomic factors that affect selling pressure.

Bitcoin is nearing an important support of about $65,000. In the meantime, gold and silver have had minor losses following a recent correction.  As the market adjusts, the Bitcoin price remains corrective, moving within a larger rising channel.

Market Panic: Gold and Silver Lose Over $3.6 Trillion

Over $3.6 trillion was wiped off the market in just 90 minutes, as gold and silver saw declines. Gold fell 3.76, wiping almost 1.34 trillion off its market cap, and silver declined 8.5%, losing $400 billion. S&P 500 was not left behind, falling by 1%, to $620 billion.

The sell-off highlights an increased lack of confidence in various segments, including metals, stocks, crypto, and real estate. Critical risks are fueling the turmoil; the major issue is the impending government shutdown. 

The U.S. Congress is at a standoff with time-sensitive funding expiries looming, causing fears of freeze in spending, postponing economic data, and increasing uncertainty among investors.

Even inflation is proving stable, with rate cuts being continually postponed, and the market lacking a definite Federal Reserve backstop. All these factors are contributing to panic.

Bitcoin and Ethereum ETFs Face Outflows Amid Market Volatility

On February 12, Bitcoin spot exchange-traded funds (ETFs) experienced a significant outflow, totaling $410 million. No inflows occurred on the 12 Bitcoin ETFs in the day. Likewise, Ethereum spot ETFs experienced a net outflow of $113 million, with no inflows in all nine Ethereum ETFs.

The recent statistics also indicated that the total assets of Bitcoin ETFs were 82.86 billion. This trend implies that investors remain cautious, which is a risk-averse mood in the wider cryptocurrency market in spite of high asset ratings.

Bitcoin Price Prediction: How Low Can BTC Go?

The BTC price dropped to $66,953 after a significant pullback earlier in February. The RSI (Relative Strength Index) is 44, indicating BTC is not overbought or oversold.

Nevertheless, the MACD (Moving Average Convergence Divergence) stays negative, which means that the bearish momentum is stronger at the point.

The first target to watch is the immediate resistance at $68,000. If the future Bitcoin outlook manages to break above this level, it could signal a potential upward move toward the short-term target of $70,000.

On the negative side, there is an estimated support of about $65,000. In case of falling below this price, Bitcoin can also test the long-term support of about $60,000. A shift towards $60,000 would mean that the market will have even more pressure on the bear side.