Bitcoin Price Drops to $66K, Will BTC Fall Even Further?
- Bitcoin fell over 3% in 24 hours, dropping from $68,337 to $66,304.
- Bitcoin ETFs saw outflows totaling $226.21 million in a single day.
Bitcoin (BTC), the premier cryptocurrency, has displayed significant volatility this week, falling over 3% in the past 24 hours to touch $66,304 after a brief recovery to $68,000 on Thursday. This drop comes in the wake of the Federal Reserve’s decision to maintain the interest rate at 5.25% to 5.50%, which has overshadowed BTC’s performance in the market.
Earlier in the week, Bitcoin surged nearly to $72,000 but failed to sustain its momentum, dropping sharply afterward. Also, the cryptocurrency has struggled to reach new highs since its peak of $73,798 in March, driven by strong inflows into U.S. exchange-traded funds (ETFs).
Contributing to the recent decline, on June 13, Bitcoin ETFs saw outflows, with $226.21 million withdrawn in a single day. Grayscale Investments’ GBTC experienced a $62 million outflow, while Fidelity’s FBTC faced a $106 million outflow, marking its second outflow since inception. However, BlackRock’s Bitcoin ETF recorded an $18 million inflow, contrasting the overall trend of withdrawals. Currently, IBIT manages $17.63 billion in Bitcoin ETF assets.
Analyzing the Next Possible BTC Price Levels
At the time of writing, Bitcoin traded at $67,045 with a daily trading volume of around $26.70 billion. The June 14 flash crash pushed Bitcoin below the ascending parallel channel, losing key support levels . Currently, BTC is trying to stay above the 100-day EMA at $67,128. Falling below this could lead to further declines, with crucial levels at $65,500 and $64,800.
The breach below $64,500 could push Bitcoin into a bearish phase, targeting a low of $63,000. A further drop would lead BTC to the $60,000 demand zone, representing a 15% decrease from its all-time high price.
Conversely, for Bitcoin to recover, bulls need to push the price above the 50-day EMA at $67,800., with key resistance levels of $68,500 and $69,250. If the upward trend continues, holding above these levels will trigger more gains up to $72,500 and possibly a new all-time high between $74,000 and $74,500.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Nasdaq Seeks SEC Approval to List Canary HBAR ETF
Tanmay Bhat’s Twitter Hacked, Fake Memecoin Announced
Salesforce Teams Up with Google Cloud in a $2.5B Deal
XRP and Ethereum Show Highly Bullish Signals, Silver-Tongued Analyst Sees ETH ATH at $16,000=

Trending news
MoreCrypto prices
More








