Bitcoin Price Slumps Below $60,000 Amid Record Spot ETF Outflows

Bitcoin's price has retreated below $60,000 as concerns about demand from American investors persist. The coin is trading at $59,930, down from its recent high of $82,803.

The latest data shows that spot Bitcoin ETFs have shed over $1.79 billion last week, a record-breaking performance. This trend has been observed across all spot Bitcoin ETFs, with the iShares Bitcoin Trust (IBIT) losing over $444 million in assets on Friday.

According to SoSoValue, American investors are shifting their attention to the booming stock market, driven by the AI boom and low crude oil prices. The Vanguard S&P 500 Index (VOO) has crossed the $1 trillion asset level, while the recently launched DRAM ETF has accumulated over $24 billion in assets.

However, there are early signs that Bitcoin's price may be due for a bounce-back. Consumer inflation is softening as crude oil prices retreat, and Brent and West Texas Intermediate (WTI) have dropped to $72 and $69, respectively. Economists expect the Federal Reserve to either leave interest rates unchanged or cut them in the fourth quarter.

The Crypto Fear and Greed Index has also dropped to an extreme fear zone of 17, which historically tends to precede a bullish breakout for Bitcoin. Technical analysis suggests that the coin may have formed a double-bottom pattern at $59,000 and a neckline at $67,280.