2024

Bitcoin ETF

Bitcoin

Drops

<a href="https://bitcoinworld.co.in/bitcoin-price-drops-to-one-month-low-slipping-under-50-dma-more-btc-downside-left/" title="Bitcoin Price Drops to One Month Low Slipping Under 50-DMA, More BTC Downside Left?" rel="nofollow"></a>
The world’s largest cryptocurrency Bitcoin (BTC) continues to face selling pressure, with price dropping another 1% and moving closer to $65,000.&nbsp; 
As of press time, the <a href="https://bitcoinworld.co.in/almost-500m-in-liquidations-as-bitcoin-btc-dumped-to-64k-and-altcoins-bled-out/">BTC price</a> is trading at $65,685 down 5% on the weekly chart along with its market cap just dropping under $1.3 trillion.&nbsp; 
<figure id="attachment_74692" aria-describedby="caption-attachment-74692" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class=" wp-image-74692" src="http://bitcoinworld.co.in/wp-content/uploads/BTC-Price-Chart-56-483x300.png" alt="" width="581" height="361" srcset="https://bitcoinworld.co.in/wp-content/uploads/BTC-Price-Chart-56-483x300.png 483w, https://bitcoinworld.co.in/wp-content/uploads/BTC-Price-Chart-56.png 760w" sizes="(max-width: 581px) 100vw, 581px">
 <figcaption id="caption-attachment-74692" class="wp-caption-text">
 BTC Price Chart | Source: Coinstats
 </figcaption>
</figure> 
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Interestingly, the daily trading volume has surged by 125% shooting past $35.7 billion. 
<h3 id="span-style-font-weight-400-bitcoin-price-drops-under-50-dma-span">Bitcoin Price Drops Under 50-DMA</h3> 
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.&nbsp; 
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.&nbsp; 
As per the <a href="https://twitter.com/lookonchain/status/1802717525219889262">data</a> provided by LookonChain, Fidelity’s FBTC has recorded outflows of over $80 million while Grayscale’s GBTC recorded outflows of over $60 million. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Jun 17 Update: 
 9 ETFs decreased 3,169 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>(-$208M).<a href="https://twitter.com/hashtag/Fidelity?src=hash&amp;ref_src=twsrc%5Etfw">#Fidelity</a> decreased 1,224 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>(-$80.34M) and currently holds 171,529 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>($11.25B).<a href="https://twitter.com/hashtag/Grayscale?src=hash&amp;ref_src=twsrc%5Etfw">#Grayscale</a> decreased 936 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>(-$61.4M) and currently holds 281,212 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>($18.45B).<a href="https://t.co/ksJTplu1kX">https://t.co/ksJTplu1kX</a> <a href="https://t.co/hus6XEk96m">pic.twitter.com/hus6XEk96m</a> 
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1802717525219889262?ref_src=twsrc%5Etfw">June 17, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
<h3 id="span-style-font-weight-400-more-btc-downside-left-span">More BTC Downside Left?</h3> 
Popular crypto analyst Rekt Capital has shared an interesting insight stating that the Bitcoin price is not about to break past the range high of $60,573-$71,524.&nbsp; 
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 turns out that the BTC price isn’t even able to break the lower high of $67,183 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.&nbsp; 
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. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 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. <a href="https://t.co/mGH4RBaOya">pic.twitter.com/mGH4RBaOya</a> 
 — On-Chain College (@OnChainCollege) <a href="https://twitter.com/OnChainCollege/status/1802723507765125377?ref_src=twsrc%5Etfw">June 17, 2024</a>
</blockquote> 
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<blockquote>
 Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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Bitcoin Price Drops to One Month Low Slipping Under 50-DMA, More BTC Downside Left?

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