Bitcoin's price has taken a hit in recent days, dropping to nearly $74,300 as investors withdrew over $2.26 billion from U.S.-listed spot Bitcoin ETFs. The decline is largely driven by rising bond yields, which have made traditional fixed-income assets more attractive to investors.
The shift in investor sentiment has compounded the effect of geopolitical tensions and growing interest in SpaceX's upcoming IPO, leading to increased volatility in the crypto market. As a result, technical indicators are showing multiple moving average sell signals, indicating bearish pressure on Bitcoin.