Ramazan Eles 
Bitcoin fell to $57K today due to low spot ETF volumes that started in Hong Kong and decreasing demand for spot Bitcoin ETFs from the US. Bitcoin is trading 20% below its all-time high (ATH) of $73K seen in March.
With yesterday’s decline, Bitcoin and cryptocurrencies experienced their worst monthly decline since November 2022, when one of the largest crypto exchanges of the time, FTX, collapsed.
According to CoinDesk, John Glover, an analyst at crypto lending firm Ledn, said he expects Bitcoin to sell off to the $50K levels in the medium term. The analyst also said that this decline could be a buying opportunity.
Currently trading at the $57K levels, Bitcoin’s arrival at the $50K levels means the decline is deepening further. If Bitcoin falls to $50K, it will have experienced another 15% pullback.
According to CoinGecko data, Bitcoin is trading at $57,720 as of writing.