Bitcoin back below $60K. A look back at its volatility

Bitcoin prices (BTC-USD) fell back below $60,000 over the weekend, floating above $59,000 as of Monday morning. Yahoo Finance markets and data editor Jared Blikre provides a timeline of bitcoin's volatility and spot bitcoin ETF inflows from the past several trading months.

For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.

This post was written by Luke Carberry Mogan.

Video transcript

Let's take a look at the crypto market because Bitcoin price is falling further here this morning, extending the sell off that we saw over the weekend.

It's now trading just below that $60,000 level.

Jared B standing by with a closer look at this.

Move here to the downside.

Jared.

Yes, 60,000 is kind of my line in the sand, but it keeps going above and below and it's been in flux for a little bit here.

A real level in play.

And the reason is it just kind of sticks out on some of these charts.

Now, the interesting thing about Bitcoin is it has been breaching the 60,000 level.

It first did that in May then in July and more recently in August, it's been breaching it and hitting it more farther and farther down to the downside.

But as I've also been pointing out on a five year chart, this is simply a bull flag.

So a bit above 60,000, I tend to be bullish and below I tend to be bearish.

We'll have to see what that next catalyst is.

I want to talk about ETF flows real quickly and that's because even though we saw some flows out of ETF S last Friday, I was tracking the Thursday to Thursday flows.

And despite all of this pressure, uh all the selling and all the volatility that we've seen over the last month, we're still seeing inflows into the ETF S. And I think that's a positive story.

Um You take out those two gray scale ETF S so Spot Bitcoin and Spot E ETF that have higher fees, we actually had additions of about 250 to $300 million in those from Thursday to Thursday.

So on that front, it looks like the new people who are investing in these ETF S for lack of a better term.

They have diamond hands also want to consider that the dollar is up today.

So we're seeing not only Bitcoin a little bit of a weakness in Bitcoin, but we're seeing some strength in the dollar and interestingly, we're also seeing record highs in gold.

So maybe something is under foot there.

Something will be tracking in the hours and days to come.