The world’s largest cryptocurrency Bitcoin (BTC) continues to face selling pressure, dropping another 1% and moving closer to $65,000. As of press time, the BTC price is trading at $65,685 down 5% on the weekly chart along with its market cap just dropping under $1.3 trillion. Interestingly, the daily trading volume has surged by 125% shooting past $35.7 billion.
Bitcoin Price Drops Under 50-DMA
The Bitcoin price has dropped to its one-month low and a crucial support level of the 50-day moving average indicating the short-term downtrend in the crypto.
Bitcoin continues to face selling pressure as the Federal Reserve has hinted to maintain interest rates higher than the expected period. Last week, the Bitcoin investment products registered $620 million in outflows with the Bitcoin ETFs bleeding heavily.
The Bitcoin ETF outflows seem to continue this week as well. On Monday, June 17, all of the nine spot Bitcoin ETFs in the US recorded outflows of $208 million. As per the data provided by LookonChain, Fidelity’s FBTC has recorded outflows of over $80 million while Grayscale’s GBTC recorded outflows of over $60 million.
Jun 17 Update:
9 ETFs decreased 3,169 $BTC(-$208M).#Fidelity decreased 1,224 $BTC(-$80.34M) and currently holds 171,529 $BTC($11.25B).#Grayscale decreased 936 $BTC(-$61.4M) and currently holds 281,212 $BTC($18.45B).https://t.co/ksJTplu1kX pic.twitter.com/hus6XEk96m
— Lookonchain (@lookonchain) June 17, 2024
More BTC Downside Left?
Popular crypto analyst Rekt Capital has shared an interesting insight stating that the Bitcoin price is not above to break past the rage high of $60,573-$71,524. Every time, the BTC price has faced rejection from the high of this re-accumulation range while diving deeper into the range itself.
To breakout into the parabolic phase, Bitcoin needs to surge past the range high of $71,350. However, it runs out that the BTC price isn’t even able to break the lower high of $67,183 (below image) suggesting that the resistance is occurring progressively lower and lower.
As a result of this, sellers are weighing down on price and thus willing to sell at the lower levels whenever the chance comes during the rallies. As we can see in the above image, even $67,200 is failing to provide crucial support. Back in March, the BTC price registered a strong rebound from this level, however, the rebound quality from $67,200 was much weaker.
As the Bitcoin price gave a weekly close under the blue level, $67,200 has proved to be a weaker support. Analysts expect the possibility of BTC price drop to $63,800.
We’re close..
Like I said last week, everything is noise until we see the Bitcoin price battle at the STHCB.
Now at $63.8k, we’re close to a test.
Will it be support, leading to new ATHs?
Or will price break below, leading to weeks/months of chop?
Let’s watch and see. pic.twitter.com/mGH4RBaOya
— On-Chain College (@OnChainCollege) June 17, 2024
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
