Bitcoin Price Drops One Month Low Under 50-DMA BTC Downside
The post Bitcoin Price Drops One Month Low Under 50-DMA BTC Downside appeared on BitcoinEthereumNews.com.
The world’s largest cryptocurrency Bitcoin (BTC) continues to face selling pressure, with price dropping another 1% and moving closer to $65,000. As of press time, the BTC price is trading at $65,685 down 5% on the weekly chart along with its market cap just dropping under $1.3 trillion. BTC Price Chart | Source: Coinstats Interestingly, the daily trading volume has surged by 125% shooting past $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 about to break past the range 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 turns out that the BTC price isn’t…
Filed under: News - @ June 19, 2024 3:10 am