Bitcoin Price Decline Explained

Bitcoin price is currently experiencing a significant drop, reaching its lowest level in over a month. The decline is attributed to outflows from BTC ETFs and a decrease in market dominance as altcoins gain traction.

• On June 21, Bitcoin (BTC) saw a 2.30% drop, hitting $63,500 – its lowest level in a month.
• Outflows from Bitcoin spot exchange-traded funds (ETFs) have totaled nearly $500 million since June 10.
• The U.S. dollar has strengthened against top foreign currencies, reflecting a more risk-averse investor sentiment.

Spot Bitcoin ETFs Outflows Resume

The decline in Bitcoin’s price is closely linked to continuous outflows from its U.S.-based spot ETFs. These ETFs have witnessed significant withdrawals in recent days, signaling a shift in investor sentiment.

Bitcoin’s Market Dominance Slides

Bitcoin’s market dominance has also been on the decline, falling from 56.29% to 55.14% on June 21. This drop indicates a preference for altcoins over Bitcoin among investors.

BTC Price: Technical Correction?

Despite the current price decline, Bitcoin’s overall bias remains bullish. The prevailing bull flag pattern suggests a potential breakout above $72,000 in the coming months, with a target of $88,000 by July or August.

It’s important to note that this article does not provide investment advice. All investment decisions involve risk, and readers are encouraged to conduct their own research.