Bitcoin ETF

Bitcoin

Drops

<ul>
 <li>Bitcoin fell over 3% in 24 hours, dropping from $68,337 to $66,304.</li>
 <li>Bitcoin ETFs saw outflows totaling $226.21 million in a single day.</li>
</ul>
Bitcoin (BTC), the premier cryptocurrency, has displayed significant volatility this week, falling over 3% in the past 24 hours to touch $66,304 after a brief recovery to $68,000 on Thursday. This drop comes in the wake of the Federal Reserve’s <a href="https://thenewscrypto.com/bitcoin-rally-falters-despite-uptick-on-fed-holding-rates-steady/" target="_blank" rel="noopener noreferrer nofollow">decision</a> to maintain the interest rate at 5.25% to 5.50%, which has overshadowed BTC’s performance in the market.
Earlier in the week, Bitcoin surged nearly to $72,000 but failed to sustain its momentum, dropping sharply afterward. Also, the cryptocurrency has struggled to reach new highs since its peak of $73,798 in March, driven by strong <a href="https://thenewscrypto.com/u-s-bitcoin-etfs-net-over-100m-inflows-after-2-day-outflow-streak/" target="_blank" rel="noopener noreferrer nofollow">inflows</a> into U.S. exchange-traded funds (ETFs).
Contributing to the recent decline, on June 13, Bitcoin ETFs saw outflows, with $226.21 million withdrawn in a single day. Grayscale Investments’ GBTC experienced a $62 million outflow, while Fidelity’s FBTC faced a $106 million outflow, marking its second outflow since inception. However, BlackRock’s Bitcoin ETF recorded an $18 million inflow, contrasting the overall trend of withdrawals. Currently, IBIT manages $17.63 billion in Bitcoin ETF assets.
<h3 class="wp-block-heading" id="h-analyzing-the-next-possible-btc-price-levels">Analyzing the Next Possible BTC Price Levels</h3>
At the time of writing, Bitcoin traded at $67,045 with a daily trading volume of around $26.70 billion. The June 14 flash crash pushed Bitcoin below the ascending parallel channel, losing key <a href="https://thenewscrypto.com/bitcoin-btc-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">support levels</a>. Currently, BTC is trying to stay above the 100-day EMA at $67,128. Falling below this could lead to further declines, with crucial levels at $65,500 and $64,800.&nbsp;
The breach below $64,500 could push Bitcoin into a bearish phase, targeting a low of $63,000.&nbsp; A further drop would lead BTC to the $60,000 demand zone, representing a 15% decrease from its all-time high price.
Conversely, for Bitcoin to recover, bulls need to push the price above the 50-day EMA at $67,800., with key resistance levels of $68,500 and $69,250. If the upward trend continues, holding above these levels will trigger more gains up to $72,500 and possibly a new all-time high between $74,000 and $74,500.

Bitcoin Price Drops to $66K, Will BTC Fall Even Further?

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TheNewsCrypto

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