Bitcoin Price Rally May Be a Dead Cat Bounce as Death Cross Nears and ETF Outflows

Bitcoin (CRYPTO: BTC) price is attempting to rebound after falling to a 2024-year low on Saturday. It jumped to $62,230, up modestly from the weekend low of $59,093. Still, this rebound may be a dead-cat bounce as ETF outflows are soaring and a death cross pattern is nearing.

Bitcoin Price Rises Amid ETF Outflows

BTC price has been in a strong sell-off in the past few weeks as Wall Street investors continued dumping its ETFs. Data shows that these funds have shed over $5.4 billion in the last four weeks. They now have a cumulative total net inflow of $53.94 billion and hold $75 billion in assets. At Bitcoin’s peak, these funds held over $130 billion in assets.

American investors have mostly sold their Bitcoin ETFs and moved to the booming stock market. The Nasdaq 100 Index has jumped by over 20% this year, while the S&P 500 has soared by 10%. Top companies like Sandisk (NASDAQ:SNDK), Micron (NASDAQ:MU), and Intel (NASDAQ:INTC) have soared by triple digits this year.

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