Bitcoin Slumps Below $64,000 Amid Negative Sentiment

Bitcoin's price has been steadily declining in recent weeks, reaching a five-week low of $63,700 after dropping over 3% in the past 24 hours. This decline has led to four consecutive weeks of "extreme negative" crowd sentiment, a rare occurrence according to Santiment. Despite the negative sentiment, some analysts believe this could be a positive sign for bulls in the near term. This negative sentiment is attributed to several factors, including $1 billion in sales from large holders, dollar strength, and a robust U.S. technology index market. Outflow activity from U.S.-listed spot bitcoin ETFs has also reached its worst levels since late April, with $900 million leaving the products this week. While some traders predict a drop to $60,000, the long-term outlook for Bitcoin remains bullish.