Big Tech crash, oil volatility rattles markets: Will Bitcoin hold above $60K?

Bitcoin experienced significant outflows on May 13, 2024, with $1.9 billion exiting spot Bitcoin ETFs, according to Farside Investors. This substantial withdrawal coincided with a broader market downturn affecting Big Tech stocks, which are currently under pressure. The combined pressures have led to concerns that Bitcoin is failing in its role as a hedge against market volatility. Analysts suggest that if Bitcoin cannot maintain its position above the $60,000 support level, it risks a further price decline. The volatility in both the cryptocurrency and traditional tech markets highlights a period of uncertainty for investors.