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<p>Bitcoin price has faced immense selling pressure lately, as witnessed by its recent dip. As of writing, the BTC price has slipped below the $64,000 level, sparking concerns over a potential crash to $60K, or even below that.</p>
<p>Meanwhile, amid this, investors are looking for potential reasons behind the sluggish trading and the dip in BTC price. So, let’s take a quick tour of the top three reasons that are likely driving the Bitcoin price dip today.</p>
<h2 id="why-is-bitcoin-price-falling">Why Is Bitcoin Price Falling?</h2>
<p>The recent market sentiment indicates that the investors are staying on the sideline. A flurry of reasons appears to have weighed on the risk-bet appetite of the investors, potentially impacting the BTC price as well as the broader <a href="https://coingape.com/crypto-prices-today-june-21-bitcoin-wanes-to-64k-layerzero-dips-14-but-core-rallies-11/" target="_blank" rel="noopener noreferrer nofollow">crypto market</a>.</p>
<p>Here are the top three reasons behind the recent Bitcoin price dip:</p>
<h3 id="bitcoin-options-expiry">Bitcoin Options Expiry</h3>
<p>Bitcoin’s price dipped today amid the looming expiration of $1.96 billion worth of <a href="https://coingape.com/20000-bitcoin-options-expiry-positions-max-pain-price-at-68500-whats-next/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> and Ethereum (ETH) options. This substantial expiry, involving $1.26 billion in Bitcoin options with a put-to-call ratio of 0.46 and a max pain point of $67,000, has heightened market volatility.</p>
<figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://pbs.twimg.com/media/GQfqzR-WsAA1yv5?format=jpg&amp;name=large" alt="Bitcoin Options Expire June 21" width="754" height="377">
 <figcaption class="wp-caption-text">
  Source: Deribit, X
 </figcaption>
</figure>
<p>On the other hand, Ethereum’s expiring options, valued at $693.37 million with a put-to-call ratio of 0.32 and a max pain point of $3,500, further contribute to the uncertainty. The anticipated market movements surrounding these expirations are influencing traders and investors, prompting closer scrutiny of price trends.</p>
<figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://pbs.twimg.com/media/GQfqzR2WEAAW0bX?format=jpg&amp;name=large" alt="Ethereum Options Expiry" width="754" height="377">
 <figcaption class="wp-caption-text">
  Source: Deribit, X
 </figcaption>
</figure>
<p>Usually, the market faces heightened volatility during the options expiry. However, despite the anticipated short-term volatility, the options expiry typically provides stability in the market in the long run.</p>
<h3 id="us-pmi-impact">US PMI Impact</h3>
<p>The U.S. PMI by S&amp;P Global, a monthly survey of business activities that tracks the manufacturing and services sector, is scheduled to be released later today. The investors will keep a close track of the data for clarity on the U.S. economic health. Notably, this data could shape the future trajectory of the broader financial market, let alone the Bitcoin price.</p>
<p>Notably, in May, the S&amp;P Global Composite PMI increased at a rapid pace to 54.5 from 51.3 in the prior month. Besides, the U.S. Manufacturing PMI increased to 51.3 last month from 50 in April.</p>
<p>However, the upcoming S&amp;P Global U.S. Services PMI data for June is expected to show a slower expansion of 54 from 54.8 in April. In addition, the manufacturing PMI is also expected to edge lower to 51 in June. It’s worth noting that a reading over 50 indicates an expansion in the sector’s business-related activities.</p>
<p>Meanwhile, with the recent macroeconomic pressures and the <a href="https://coingape.com/trending/fed-meeting-june-2024-why-the-interest-rate-cuts-might-not-happen-at-all/" target="_blank" rel="noopener noreferrer nofollow">U.S. Fed</a> sticking to their policy rate plans, the Bitcoin price has noted gloomy trading. Having said that, today’s S&amp;P Global PMI data would play a crucial role in shaping the future of Bitcoin.</p>
<p><strong>Also Read: <a href="https://coingape.com/bitcoin-whale-activity-germanys-3-billion-btc-holdings-on-radar/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin Whale Activity, Germany’s $3 Billion BTC Holdings on Radar</a></strong></p>
<h3 id="bitcoin-etf-outflow">Bitcoin ETF Outflow</h3>
<p>The <a href="https://coingape.com/bitcoin-spot-etfs-suffer-140m-outflow-marking-five-day-decline/" target="_blank" rel="noopener noreferrer nofollow">U.S. Spot Bitcoin ETF</a> has continued to witness significant outflows over the past few days. After a robust inflow noted over the last few weeks, the momentum seems to have faded in recent days.</p>
<p>On June 20, the U.S. Spot Bitcoin ETF noted an outflow of nearly $140 million, led by GrayScale’s GBTC with $53.1 million outflux. This week, the total outflow totaled about $440 million through Thursday.</p>
<h2 id="bottom-line">Bottom line</h2>
<p>Bitcoin’s price faces continued pressure, as noted by prominent crypto analyst Rekt Capital. Despite recent attempts to recover, Bitcoin encountered a strong rejection from the Lower High resistance, suggesting the cryptocurrency isn’t ready to break its June downtrend. In other words, Rekt Capital anticipates more decline in Bitcoin price, indicating a dip towards $60,000, before a further reversal.</p>
<figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://pbs.twimg.com/media/GQl4Pq4XsAA88Vw?format=jpg&amp;name=large" alt="Bitcoin Price Chart" width="750" height="502">
 <figcaption class="wp-caption-text">
  Source: Rekt Capital, X
 </figcaption>
</figure>
<p>Similarly, analyst Ali Martinez observed a downturn in exchange-related on-chain activity, highlighting reduced investor interest and network usage. This decline in activity further signals that <a href="https://coingape.com/glossary/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> might remain subdued until market sentiment shifts and activity picks up again.</p>
<figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://pbs.twimg.com/media/GQl5VczWkAATvnS?format=jpg&amp;name=large" alt="Bitcoin Exchange Inflow Volume" width="755" height="425">
 <figcaption class="wp-caption-text">
  Source: Ali Martinez, X
 </figcaption>
</figure>
<p>Both analysts suggest monitoring these resistance levels and on-chain metrics closely for signs of a trend reversal in the near future. Besides, Ali Martinez has previously said that if Bitcoin fails to stay above $66,254, <a href="https://coingape.com/markets/bitcoin-price-drop-to-60000-lingers-as-etf-outflows-escalate/" target="_blank" rel="noopener noreferrer nofollow">BTC</a> could see a potential correction to $61,000.</p>
<p>As of writing, <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin price</a> fell nearly 3.6% and traded at $63,5887.92, while its trading volume rose 31.74% from yesterday. Besides, the Bitcoin Futures Open Interest plummeted 1.95% over the last 24 hours and 0.75% in the four-hour time frame to 532.30K BTC or $34.05 billion.</p>
<p><strong>Also Read: <a href="https://coingape.com/binance-finalizes-tether-integration-on-toncoin-network-what-next-for-ton/" target="_blank" rel="noopener noreferrer nofollow">Binance Enables USDT Integration on TON Network, TON Price Rally Ahead</a></strong></p>
<p>The post <a href="https://coingape.com/top-3-reasons-why-bitcoin-price-crashing-towards-60k/" rel="noopener noreferrer nofollow">Top 3 Reasons Why Bitcoin Price Crashing Towards $60K</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

Top 3 Reasons Why Bitcoin Price Crashing Towards $60K

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