Sign Up on MEXC
Highlights
- US spot Bitcoin ETFs recording $208 million in outflows on Monday, June 17, causing further selling pressure.
- BTC price continues to form lower resistance losing previous support levels.
- Analysts predict BTC could drop to $63,800 if current support levels fail to hold.
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
- Bitcoin Bull Cycle Could Extend To 2026, Arthur Hayes Predicts
- CZ Urges Banks to Adopt BNB as Analyst Predicts $1,300 Price Target
- Shiba Inu Update: Team Freezes 4.6M BONE Amid New SHIB Upgrades
- Trump-Backed WLFI Token Signals Rebound As Team Announces Buyback Plan
- Bitcoin ETF Inflows Shoot $642M Before Fed Rate Cut Catching Up With Gold Rally
- Pepe Coin Price Prediction as the Token Jumps Nearly 20% – Will Whale Accumulation Take it to $0.00003?
- Pi Coin Price Prediction As Adam & Eve Pattern Signals Breakout Rally To $0.45 Ahead
- HBAR Price Prediction Amid DTCC Listing and Archax Expansion — Is $0.50 Next?
- Ethereum Price Eyes a 40% Surge as Morgan Stanley Shifts Fed Cuts Forecast
- Solana Price Prediction: Ford’s $1.65B Treasury Bet Sets Sights on $320
