Bitcoin Price Hits One Month Low Dropping Under 50-DMA , More Downside Left?

Bitcoin (BTC) price remains under selling pressure, declining by another 1% and edging closer to $65,000. At present, BTC is trading at $65,685, marking a 5% decrease on the weekly chart, as its market cap dips just below $1.3 trillion. Notably, the daily trading volume has surged by 125%, surpassing $35.7 billion

Bitcoin Price Drops Under 50-DMA

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. 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.  As per the data provided by LookonChain, Fidelity’s FBTC has recorded outflows of over $80 million while Grayscale’s GBTC recorded outflows of over $60 million.

Jun 17 Update:

9 ETFs decreased 3,169 $BTC(-$208M).#Fidelity decreased 1,224 $BTC(-$80.34M) and currently holds 171,529 $BTC($11.25B).#Grayscale decreased 936 $BTC(-$61.4M) and currently holds 281,212 $BTC($18.45B).https://t.co/ksJTplu1kX pic.twitter.com/hus6XEk96m

— Lookonchain (@lookonchain) June 17, 2024

More BTC Downside Left?

Popular crypto analyst Rekt Capital has shared an interesting insight stating that the Bitcoin price is not above to break past the rage high of $60,573-$71,524. 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 runs out that the BTC price isn’t even able to break the lower high of $67,183 (below image) 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. 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.

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. pic.twitter.com/mGH4RBaOya

— On-Chain College (@OnChainCollege) June 17, 2024