{"id":81642,"date":"2024-06-18T02:36:52","date_gmt":"2024-06-18T06:36:52","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=81642"},"modified":"2024-06-18T02:37:56","modified_gmt":"2024-06-18T06:37:56","slug":"btc-price-falls-below-50-dma-to-one-month-low-more-downside","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/btc-price-falls-below-50-dma-to-one-month-low-more-downside\/","title":{"rendered":"BTC\u00a0Price Falls Below 50-DMA to One Month Low, More Downside?"},"content":{"rendered":"\n

Bitcoin price corrections have resulted in huge outflows from spot Bitcoin ETFs<\/a> in the last week. On Monday, the total outflows from ETFs exceeded $200 million.<\/p>\n\n\n\n

\"BTC\u00a0Price<\/figure>\n\n\n\n

Bitcoin (BTC), the world's largest cryptocurrency, has experienced further selling pressure, resulting in a 1% decline and a move closer to $65,000.<\/p>\n\n\n\n

The BTC price is currently trading at $65,685, which is a 5% decrease on the weekly chart. <\/p>\n\n\n\n

Additionally, its market cap has just dipped below $1.3 trillion as of press time.<\/p>\n\n\n\n

Interestingly, daily trading volume soared by 125%, exceeding $35.7 billion.<\/p>\n\n\n\n

Bitcoin Price Drops Under 50-DMA<\/h2>\n\n\n\n

The Bitcoin price has plummeted to its one-month low and has breached the 50-day moving average, a critical support level that represents the short-term downtrend in the crypto.<\/p>\n\n\n\n

Meanwhile, the Federal Reserve has indicated that it intends to maintain interest rates at a higher level than anticipated, which has resulted in continued selling pressure on Bitcoin.<\/p>\n\n\n\n

\"BTC\u00a0Price
Courtesy:\u00a0Bloomberg<\/figcaption><\/figure>\n\n\n\n

The Bitcoin ETFs experienced a significant decline, resulting in $620 million in outflows from the Bitcoin investment products last week.<\/p>\n\n\n\n

The Bitcoin ETF outflows appear to persist this week as well.<\/p>\n\n\n\n

On Monday, June 17, all nine of the spot Bitcoin ETFs in the US had outflows totaling $208 million.<\/p>\n\n\n\n

Grayscale's GBTC has recorded outflows of over $60 million, while Fidelity's FBTC<\/a> has recorded outflows of over $80 million, according to the data provided by LookonChain.<\/p>\n\n\n\n

\n

Jun 17 Update:

9 ETFs decreased 3,169 $BTC\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>(-$208M).#Fidelity<\/use><\/svg><\/span><\/a> decreased 1,224 $BTC\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>(-$80.34M) and currently holds 171,529 $BTC\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>($11.25B).#Grayscale<\/use><\/svg><\/span><\/a> decreased 936 $BTC\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>(-$61.4M) and currently holds 281,212 $BTC\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>($18.45B).https:\/\/t.co\/ksJTplu1kX<\/use><\/svg><\/span><\/a> pic.twitter.com\/hus6XEk96m<\/use><\/svg><\/span><\/a><\/p>— Lookonchain (@lookonchain) June 17, 2024<\/use><\/svg><\/span><\/a><\/blockquote>

More BTC Downside Left?<\/h2>\n\n\n\n

Popular crypto analyst\u00a0Rekt Capital has offered an interesting perspective, claiming that the Bitcoin price is unlikely to surpass the recent high of $60,573-$71,524.<\/p>\n\n\n\n

Each time, the BTC price has encountered rejection from the high of this re-accumulation range while descending further into the range itself.<\/p>\n\n\n\n

\"BTC\u00a0Price
Courtesy:\u00a0Rekt Capital<\/figcaption><\/figure>\n\n\n\n

Bitcoin must surpass the $71,350 range high to enter the parabolic phase.<\/p>\n\n\n\n

However, the BTC price<\/use><\/svg><\/span><\/a> is unable to surpass the lower high of $67,183 (depicted in the image below), indicating that the resistance is progressively falling.<\/p>\n\n\n\n
\"BTC\u00a0Price<\/figure>\n\n\n\n

Consequently, sellers are reducing their prices and are therefore prepared to sell at lower levels whenever the opportunity arises during rallies.<\/p>\n\n\n\n

It is evident from the image above that even $67,200 is insufficient to provide essential assistance.<\/p>\n\n\n\n

In March, the BTC price experienced a robust rebound from this level; however, the rebound quality from $67,200 was significantly lower.<\/p>\n\n\n\n

The Bitcoin price's weekly close below the blue level has demonstrated that $67,200 is a weaker support.<\/p>\n\n\n\n

Analysts anticipate that the Bitcoin\u00a0price\u00a0may decline to $63,800.<\/p>\n\n\n\n

\n

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<\/use><\/svg><\/span><\/a><\/p>— On-Chain College (@OnChainCollege) June 17, 2024<\/use><\/svg><\/span><\/a><\/blockquote>

Bitcoin price corrections have resulted in huge outflows from spot Bitcoin ETFs in the last week. On Monday, the total outflows from ETFs exceeded $200 million. Bitcoin (BTC), the world’s largest cryptocurrency, has experienced further selling pressure, resulting in a 1% decline and a move closer to $65,000. The BTC price is currently trading at […]<\/p>\n","protected":false},"author":56,"featured_media":76264,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21,83],"tags":[152,17807,19026,17820,16247],"class_list":["post-81642","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-bitcoin-news","tag-bitcoin","tag-bitcoin-btc-price","tag-bitcoin-etf-outflows","tag-bitcoin-price-drop","tag-btc-price-correction"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/04\/Crypto.com-CEO-Bitcoin-Selloff-Will-Continue-During-Halving-Event.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/81642","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=81642"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/81642\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/76264"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=81642"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=81642"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=81642"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}