Bitcoin Price Continues Downward Trend Amidst Global Investment Outflows

Bitcoin's price has been declining steadily over the past few days, reaching a low of $69K. This is despite the cryptocurrency starting the week just above $74K. According to CoinShares, global investment in crypto funds fell by $1.671 billion last week, marking the largest outflow since January.

The decline in Bitcoin's price has led to a significant increase in selling pressure. The 50-day moving average, which had been acting as resistance, was breached a week ago, and the cryptocurrency has been struggling to recover ever since. With relatively few obstacles on its way down to the $65-66K range, it remains to be seen how far the decline will continue.

The largest corporate holder of Bitcoin, a strategy that had previously promised never to sell the asset, sold 32 BTC last week for approximately $2.5 million at an average price of $77,135 per coin. The proceeds from this sale will be used to pay dividends on preference shares.