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Bitcoin (BTC), the largest cryptocurrency by market capitalization, experienced a significant decline on Tuesday, echoing the <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-rejection-70000/" target="_blank" rel="noopener ">broader downtrend</a> in the cryptocurrency market. Fueled by worries about the global economy and reduced summer liquidity, Bitcoin dropped below the $65,000 mark for the first time since May 16.&nbsp; 
Notably, Ethereum (ETH) also faced a 4% loss, trading at $3,400, while other cryptocurrencies, such as XRP, Solana (SOL), and dogecoin (DOGE), suffered even bigger declines. 
<h2 id="market-uncertainty-persists">Market Uncertainty Persists</h2> 
Marko Jurina, CEO of Jumper.Exchange, a decentralized exchange (DEX), <a href="https://www.cnbc.com/2024/06/18/crypto-market-today.html" target="_blank" rel="noopener nofollow">highlighted </a>that during economic and market uncertainty, traders often sell at a discount to minimize losses or exit riskier positions until the situation becomes clearer.&nbsp; 
Jurina explained that the current scenario appears to be a combination of these factors, as weakening global<a href="https://www.newsbtc.com/news/bitcoin-volatility-reaches-historic-low/" target="_blank" rel="noopener "> economic conditions</a>, unresolved geopolitical issues, and thinner market activity during the summer months contribute to heightened market volatility.&nbsp; 
These conditions will persist for the next few months, potentially leading to parabolic movements in either direction for the Bitcoin price. 
Bitcoin has grappled with the $70,000 threshold since its record high of $73,700 on March 14. Although it briefly tested this level in early June, it has since been unable to regain its <a href="https://www.newsbtc.com/news/ripple/xrp-price-aims-0-550/" target="_blank" rel="noopener ">bullish momentum</a>. The cryptocurrency is currently down 4% for the month and 9% for the quarter.&nbsp; 
<h2 id="bitcoin-correction-toward-61-000">Bitcoin Correction Toward $61,000?</h2> 
CryptoQuant’s on-chain data suggests that traders had reduced their holdings since late May when Bitcoin touched the $70,000 level. This selling trend continues without significant buying activity. 
Ki Young Ju, Founder of CryptoQuant, <a href="https://x.com/ki_young_ju/status/1803137868254343450" target="_blank" rel="noopener nofollow">highlighted </a>that Bitcoin long-term holder whales have sold $1.2 billion in the past two weeks, likely through brokers. Additionally, there have been negative net flows in ETFs, with $460 million outflows during the same period.&nbsp; 
Young Ju contended that if this substantial sell-side liquidity is not purchased over-the-counter (OTC), brokers may deposit Bitcoin to <a href="https://www.newsbtc.com/news/banks-bust-bitcoin-booms-price-skyrockets-40-during-us-banking-crisis/" target="_blank" rel="noopener ">exchanges</a>, potentially impacting the market. 
On June 14, crypto analyst Ali Martinez stressed that Bitcoin needed to break above the $66,250 level quickly to avoid a potential correction to $61,100. As the cryptocurrency struggles to regain bullish momentum, Martinez <a href="https://x.com/ali_charts/status/1803083949662454170" target="_blank" rel="noopener nofollow">hinted </a>at a possible drop to $61,000.&nbsp; 
Another analyst, Rekt Capital, <a href="https://x.com/rektcapital/status/1802689613762302026" target="_blank" rel="noopener nofollow">pointed out </a>that Bitcoin is nearing the filling of its first Chicago Mercantile Exchange (CME) gap, with gaps at $64,000 and $62,500.&nbsp; 
Overall, The prevailing evidence suggests that bearish sentiment has once again seized control over the future trajectory of Bitcoin’s price, signaling a challenging road ahead for the leading cryptocurrency in the market. The extent of the potential retracement and the bottoming-out point of this ongoing downtrend are yet to be determined.&nbsp; 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/25S5P84m/" alt="Bitcoin" width="1815" height="858"> 
At the time of writing, Bitcoin is trading at $64,770.&nbsp; 
Featured image from DALL-E, chart from TradingView.com

Bitcoin Month-Long Rally Comes To An End: Price Plunges Below $65,000 – What’s Next For BTC?

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