The price of BTC dropped to $66,018 on Coinbase, erasing gains made when it reached a high of $71,974 last Friday. At the time of writing, the flagship cryptocurrency had decreased by 6% over the week. This decline came after spot Bitcoin ETFs experienced outflows of about $65 million, ending a 19-day streak of net inflows on Monday.
Additionally, on Tuesday, a Bitcoin wallet that had been dormant for over 5 years suddenly became active and transferred 8,000 BTC, valued at over $535 million, to multiple addresses, including Binance. At that time, the price of Bitcoin was $3,810. There is a cautious sentiment in the market ahead of the Consumer Price Index (CPI) and Federal Open Market Committee (FOMC) meetings tomorrow.
An observation was made about a potential bullish inverse head and shoulders pattern forming in the Bitcoin price chart, with the anticipation that the FOMC meeting could correspond to a dip followed by a bullish reversal, as was seen in the last three such meetings.
