Analysis: Bitcoin has fallen to its lowest level since February, as cryptocurrencies compete for liquidity with major IPOs

According to CNBC, Bitcoin fell to its lowest level since February on Wednesday, hitting a low of $65,385, a decrease of 2.3%. Funds are flowing from the crypto market to other asset classes. QCP stated that the fundamental issue lies in liquidity rotation. The stock market continues to outperform, attracting the attention of both crypto-native investors and traditional asset managers to a stronger stock narrative, and investors may be shifting funds from Bitcoin to private markets or IPO projects like SpaceX, OpenAI, and Anthropic.

BTIG technical strategist Jonathan Krinsky believes that Bitcoin needs to hold around $65,000, which is the last support level before testing the year-to-date low of $60,000. QCP expects initial support in the range of $63,000 to $64,000, and if it breaks below, attention will turn to $62,000, followed by the psychological level of $60,000, with the next major support level at $58,000.