Bitcoin Price Continues Downward Trend Amid Shift in Momentum

The price of bitcoin has fallen to around $65,000, marking its lowest level since February. This decline is attributed to a broader rotation out of cryptocurrency into other speculative trades.

According to Jim Ferraioli, director of digital currencies research and strategy at Charles Schwab, bitcoin's recent bear market since October has led to a lack of reason for investors to buy the asset. As a result, capital that once poured into crypto is now being directed towards alternative investments such as artificial intelligence stocks and IPOs.

The rotation out of cryptocurrency is evident in the negative spot bitcoin ETF flows, which account for roughly 45% of weekly BTC price variation. This trend is expected to continue until investor attention returns to bitcoin.