Here Are the Major Reasons Behind the Ongoing Bitcoin (BTC) Price Dump

Factors Contributing to the Bitcoin Price Decline

Amidst ongoing market fluctuations, the price of Bitcoin has experienced a downward trajectory. Cryptocurrency expert Ash Crypto, with over a million followers, has shared insights into the contributing factors:

Geopolitical Tensions:
Crypto assets like Bitcoin often face volatility during conflicts. The recent drone attack on Russia has heightened concerns about the escalation of the Russia-Ukraine war, leading to risk aversion and selling pressure on Bitcoin.

ETF Outflows:
Bitcoin exchange-traded funds (ETFs) have faced significant outflows, including a record $127 million outflow on a single day. This exodus of capital indicates a decrease in institutional investment appetite for Bitcoin.

Market Manipulation:
Ash Crypto observes a discrepancy between the performance of Bitcoin and other popular assets like the S&P 500 and NASDAQ. This suggests potential market manipulation, with efforts to suppress the price of Bitcoin.

Institutional Accumulation:
Some speculate that institutions may be strategically accumulating Bitcoin at lower price points between $50,000 and $65,000. The decline in Bitcoin supply could indicate this accumulation phase.

Potential Price Breakout:
Following this accumulation period, Ash Crypto anticipates a possible price breakout and rally for Bitcoin. He suggests that this could occur around the end of September.