On August 14th, the first cryptocurrency dropped below the sixty-three thousand dollar mark, reaching its lowest levels since the beginning of the month. At the time of writing, bitcoin was trading at sixty-two thousand six hundred dollars, having lost one and a half percent over the past 24 hours. At the same time, the cost of ether has not changed much, and altcoin quotes are held in the region of one thousand eight hundred and sixty dollars.

The decline in the crypto market runs counter to the dynamics of stock markets, which showed growth due to positive statistics on producer price inflation. This figure dropped to four and seven tenths of a percent, which was lower than analysts' forecasts.

According to the SoSoValue platform, spot bitcoin funds have recorded a two-day series of capital outflows for the first time since the end of July. On the twelfth and thirteenth of August, investors withdrew a total of one hundred and ninety-two million dollars from these instruments.

Despite the fall in the exchange rate of the first cryptocurrency, the open interest in the asset on the Binance exchange has continued to grow since the beginning of July. According to the Coinglass service, this figure currently stands at twenty-seven billion ninety million dollars.

Analysts at XWIN Japan believe that the key reason for the current market weakness is weak spot demand and the dynamics of inflows into exchange-traded funds. At the same time, futures positions remain relatively high, which creates a noticeable imbalance between weak spot purchases, low liquidity and elevated positions using leverage.

Experts note that when positive macroeconomic news does not lead to price increases, loan orders can start to close en masse, increasing pressure on the asset. According to XWIN Japan, there is also a potential oversupply in the area of the holders' short-term cost base, which is about sixty-eight thousand seven hundred dollars.

Recall that on August 12, Glassnode analysts warned of the risk of a deeper pullback of bitcoin to the level of fifty-eight thousand five hundred dollars.

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The material has been prepared solely for informational purposes and does not constitute financial advice or recommendation.