Bitcoin Price Plunges Below $60,000 Amidst Record-Breaking ETF Outflows

Bitcoin's price has fallen below $60,000 as American investors continue to sell their positions. The coin is currently trading at $59,930, down from its high of $82,803 last month.

Data compiled by SoSoValue shows that spot Bitcoin ETFs have shed over $1.79 billion in assets last week, the worst performance ever recorded. This has led to concerns about demand for Bitcoin among American investors.

The iShares Bitcoin Trust (IBIT) was hit hardest, losing over $444 million in assets on Friday, with its net assets now at $44 billion. Fidelity's FBTC and Grayscale's GBTC have also seen significant outflows, with their current asset values at $10.4 billion and $8.23 billion respectively.

Investors are moving to the stock market, where indices such as the Vanguard S&P 500 Index (VOO) have surpassed $1 trillion in assets. The same trend is observed in other countries like South Korea, Taiwan, and Japan, where the AI boom has pushed investors towards stocks.

Despite this, there are signs that Bitcoin's price may bounce back soon. Consumer inflation is softening as crude oil prices retreat, with Brent and West Texas Intermediate (WTI) dropping to $72 and $69 respectively. The Crypto Fear and Greed Index has also dropped to the extreme fear zone of 17, which often precedes a bullish breakout.

Technically, Bitcoin's price may have formed a double-bottom pattern at $59,000 and a neckline at $67,280. However, this is balanced by an inverted cup-and-handle pattern that suggests more downside if the price falls below $58,000.