When Bitcoin (CRYPTO: BTC) dipped below $60,000 at the start of May, it marked a two-month low. Crypto investors were understandably concerned, especially given all the hoopla surrounding the Bitcoin halving that had taken place just two weeks earlier. The sentiment was not so much fear as disbelief: This is not supposed to be happening!

As Bitcoin's price has stabilized to the $65,000 level, some of that concern has dissipated. But Bitcoin is still 10% below its all-time high of $73,750 from mid-March. So is this recent dip in Bitcoin's price a buying opportunity or not?

Arguably, the launch of the new spot Bitcoin exchange-traded funds (ETFs) at the start of January has been the single biggest factor pushing Bitcoin to new highs this year. They attracted a massive influx of new investor money for nearly three months. So when investor inflows to these ETFs began to slow in late April and early May, that was a warning signal to the market about the future direction of Bitcoin's price.

Continue reading

Source Fool.com