Bitcoin Holds Above $60,000 as ETF Outflows Weigh On Sentiment

Bitcoin held above $60,000 on Sunday after briefly falling below the key level earlier in the weekend.

The cryptocurrency's price declined due to persistent ETF outflows, a stronger U.S. dollar, and expectations for tighter monetary policy.

U.S. spot Bitcoin ETFs recorded their seventh consecutive day of net outflows, with $445 million leaving funds on Friday, reducing total ETF assets to about $72.8 billion.

However, large investors have been buying into the weakness, as transactions worth more than $100,000 and $1 million surged after Bitcoin briefly traded below $60,000.

Analysts noted that long-term holders are starting to realize losses, which could eventually reduce selling pressure as profitable supply becomes increasingly limited.