BTC falls toward $59K amid spot ETF outflows and a stronger USD, reversing recent gains as inflation fears ease.
Bitcoin dropped to $59,060 on Wednesday, erasing earlier gains as the US dollar index surged to its highest level in 13 months. The decline follows spot BTC ETF outflows and the slowest accumulation pace from Strategy in 18 months, signaling weak demand.
The dollar’s strength, driven by growing confidence in the US economy, typically pressures non-yielding assets like Bitcoin. Gold also fell below $4,000 for the first time in seven months, while Brent crude oil dipped under $74, reducing inflationary concerns.
Traders now question whether Bitcoin’s rebound to $60,000 can hold, given the dollar’s rally and cooling oil prices.