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Bitcoin, the flagship of cryptocurrency markets, faced selling pressure due to a price drop. The cryptocurrency, which reached an all-time high with the halving in April, later experienced a decline. The selling wave, influenced by miners, dropped Bitcoin’s price to $65,000. Additionally, its market value fell below $1.3 trillion.
Bitcoin ETFs Experience Outflows
The leading cryptocurrency Bitcoin’s price fell to a one-month low, and the 50-day moving average indicates a potential decline. Furthermore, the indication that the US will keep interest rates higher than expected continues to drive BTC sales. Last week’s Bitcoin decline also reflected in ETFs, recording an outflow of $620 million.
On Monday, June 17, all nine spot Bitcoin ETFs in the US recorded an outflow of $208 million. According to data from cryptocurrency analytics company LookonChain, Fidelity’s FBTC recorded an outflow of over $80 million, while Grayscale’s GBTC recorded an outflow of over $60 million. Leading cryptocurrency analyst Rekt Capital stated that Bitcoin price could not surpass the high levels between $60,573 and $71,524.
Critical Level for BTC
The decline accelerated as the leading cryptocurrency’s price rejected the accumulation range. Bitcoin may need to surpass the $71,350 range to regain momentum. However, the BTC price failed to break the low of $67,183, indicating that resistance is forming at increasingly lower levels. Following all this, sellers are exerting selling pressure on the price and are willing to sell at lower levels when opportunities arise during the rise. Last March, the BTC price recorded a strong recovery from this level. As Bitcoin closed the week, it became evident that $67,200 was a weaker support. Therefore, the downward momentum in the cryptocurrency may continue in the coming days.
