Million

Reversal

Spot

BlackRock

<p>The post <a href="https://coinpedia.org/news/why-crypto-market-is-down-today-5/">Top Reasons Why the Crypto Market is Down Today: Good Time to Buy?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>This week, major cryptocurrencies have been on a rollercoaster ride as a wave of news sent shockwaves through the market. From the early week’s <a href="https://coinpedia.org/news/may-us-cpi-ease-to-3-3-btc-price-surge-to-69k/" target="_blank" rel="noreferrer noopener">U.S. CPI</a> and PPI data, negative inflow in spot ETFs, and Bitcoin miner capitulation, investors are scrambling to make sense of it all. One key question is on everyone’s mind: has Bitcoin begun a prolonged correction, or is this just a temporary bump on the road? </p> 
<p>Read on to explore the factors behind the recent price drop and what it might mean for the future of Bitcoin.</p> 
<h2 class="wp-block-heading" id="h-evaluating-the-trading-setup"><strong>Evaluating the Trading Setup</strong></h2> 
<p>For the past three months, Bitcoin’s price has moved within two parallel trendlines on daily charts. On June 7th, Bitcoin hit resistance at $71,000 and sharply reversed, falling 8.37% to $66,114.</p> 
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 <img decoding="async" width="1024" height="470" src="https://image.coinpedia.org/wp-content/uploads/2024/06/15151636/image-295-1024x470.png" alt="" class="wp-image-316457" srcset="https://image.coinpedia.org/wp-content/uploads/2024/06/15151636/image-295-1024x470.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/06/15151636/image-295-300x138.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/06/15151636/image-295-768x352.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/06/15151636/image-295-1536x705.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/06/15151636/image-295-150x69.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/06/15151636/image-295.png 1946w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>&nbsp;Source-<a href="https://www.tradingview.com/x/mWoohtLK/">Tradingview</a></p> 
<p>The initial drop was worsened by trader uncertainty ahead of the CPI data release. Even though inflation was lower than expected, the market did not recover.</p> 
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 <img decoding="async" width="1024" height="285" src="https://image.coinpedia.org/wp-content/uploads/2024/06/15152553/image-296-1024x285.png" alt="" class="wp-image-316460" srcset="https://image.coinpedia.org/wp-content/uploads/2024/06/15152553/image-296-1024x285.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/06/15152553/image-296-300x84.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/06/15152553/image-296-768x214.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/06/15152553/image-296-1536x428.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/06/15152553/image-296-150x42.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/06/15152553/image-296.png 1544w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>As per the recent data from Coinglass, Bitcoin investors have experienced notable long liquidation over the past four days. The notable green bars in the <strong>Total Liquidations Chart </strong>show the buyers faced a $163.8 Million liquidation, which accelerated the bearish momentum.</p> 
<h2 class="wp-block-heading" id="h-miners-are-they-impacting-the-decline">Miners – Are They Impacting the Decline?</h2> 
<p>Currently, the <strong>BTC miners’ capitulation</strong> is among the major factors contributing to the falling prices. As per a recent tweet from CryptoQuant’s CEO Ki Young Ju, the 18-month uptrend in Bitcoin’s hashrate has come to a halt, hinting at possible miner capitulation. This decline in hashrate suggests the miners dumping BTC to bear the operation cost after the Fourth halving.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> hashrate's 18-month upward trend has broken, suggesting some miners are capitulating.<br><br>h/t <a href="https://twitter.com/jjcmoreno?ref_src=twsrc%5Etfw">@jjcmoreno</a> <a href="https://t.co/JOyIUpAIKj">pic.twitter.com/JOyIUpAIKj</a></p>— Ki Young Ju (@ki_young_ju) <a href="https://twitter.com/ki_young_ju/status/1801325959074775481?ref_src=twsrc%5Etfw">June 13, 2024</a>
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  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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<h2 class="wp-block-heading" id="h-spot-etfs-see-significant-outflows">Spot ETFs See Significant Outflows</h2> 
<p>In addition, the <a href="https://markets.coinpedia.org/bitcoin-etf/" target="_blank" rel="noreferrer noopener">spot Bitcoin ETFs</a> have witnessed <strong>net outflows</strong> in four of the past five days this week. On Friday, the Spot ETFs recorded a substantial outflow of $190 million, indicating a cautious approach from investors amid the current correction trend.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">On June 14, Bitcoin spot ETFs had an outflow of $190 million. There were net outflows in four of the past five days. Grayscale ETF GBTC had an outflow of $52.3448 million, and BlackRock ETF IBIT had an inflow of $1.4899 million. <a href="https://t.co/npjWVH3bMi">https://t.co/npjWVH3bMi</a></p>— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1801826591020093537?ref_src=twsrc%5Etfw">June 15, 2024</a>
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  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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<p>Analyzing the daily chart, Bitcoin has formed a bearish double-top pattern at the $71,000 resistance level. This pattern, often seen at market tops, indicates renewed selling pressure after a significant rally.</p> 
<p>On Friday, Bitcoin fell 1.1%, breaching the $66,730 neckline support and the 50-day EMA slope. The daily RSI slope also dropped below the 50% midline, signaling a bearish market sentiment. If this breakdown continues, sellers could drive prices down another 6.5% to $61,500.</p> 
<h2 class="wp-block-heading" id="h-potential-for-recovery">Potential for Recovery?</h2> 
<p>Despite the potential downturn, Bitcoin remains above a healthy retracement level of 23%, suggesting that buyers still have a strong grip on the asset.</p> 
<p>Bitcoin’s current price is just 10% below its all-time high of $73,750. Historically, a 20-30% decline is normal for this volatile asset, allowing it to recover and maintain bullish momentum. The broader trend remains positive, and the current correction offers investors opportunities to buy the dip.</p> 
<p>Also Read: <a href="https://coinpedia.org/price-analysis/the-crypto-markets-continue-to-drop-while-institutions-accumulate-etfs-heres-who-are-selling-btc-initiated-a-correction/">The Crypto Markets Continue to Drop While Institutions Accumulate ETFs: Who Is Selling BTC?</a></p> 
<p><strong>Stay tuned to Coinpedia for further updates as the Bitcoin price navigates these uncertain market conditions.</strong></p>

Top Reasons Why the Crypto Market is Down Today: Good Time to Buy?

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