Bitcoin ETF

Bitcoin

Rekt

<p>Bitcoin price has faced immense selling pressure lately, as witnessed by its recent dip. As of writing, the BTC price has slipped below the $64,000 level, sparking concerns over a potential crash to $60K, or even below that.</p>
<p>Meanwhile, amid this, investors are looking for potential reasons behind the sluggish trading and the dip in BTC price. So, let’s take a quick tour of the top three reasons that are likely driving the Bitcoin price dip today.</p>
<h2 id="why-is-bitcoin-price-falling">Why Is Bitcoin Price Falling?</h2>
<p>The recent market sentiment indicates that the investors are staying on the sideline. A flurry of reasons appears to have weighed on the risk-bet appetite of the investors, potentially impacting the BTC price as well as the broader <a href="https://coingape.com/crypto-prices-today-june-21-bitcoin-wanes-to-64k-layerzero-dips-14-but-core-rallies-11/" target="_blank" rel="noopener noreferrer nofollow">crypto market</a>.</p>
<p>Here are the top three reasons behind the recent Bitcoin price dip:</p>
<h3 id="bitcoin-options-expiry">Bitcoin Options Expiry</h3>
<p>Bitcoin’s price dipped today amid the looming expiration of $1.96 billion worth of <a href="https://coingape.com/20000-bitcoin-options-expiry-positions-max-pain-price-at-68500-whats-next/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> and Ethereum (ETH) options. This substantial expiry, involving $1.26 billion in Bitcoin options with a put-to-call ratio of 0.46 and a max pain point of $67,000, has heightened market volatility.</p>
<figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://pbs.twimg.com/media/GQfqzR-WsAA1yv5?format=jpg&amp;name=large" alt="Bitcoin Options Expire June 21" width="754" height="377">
 <figcaption class="wp-caption-text">
  Source: Deribit, X
 </figcaption>
</figure>
<p>On the other hand, Ethereum’s expiring options, valued at $693.37 million with a put-to-call ratio of 0.32 and a max pain point of $3,500, further contribute to the uncertainty. The anticipated market movements surrounding these expirations are influencing traders and investors, prompting closer scrutiny of price trends.</p>
<figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://pbs.twimg.com/media/GQfqzR2WEAAW0bX?format=jpg&amp;name=large" alt="Ethereum Options Expiry" width="754" height="377">
 <figcaption class="wp-caption-text">
  Source: Deribit, X
 </figcaption>
</figure>
<p>Usually, the market faces heightened volatility during the options expiry. However, despite the anticipated short-term volatility, the options expiry typically provides stability in the market in the long run.</p>
<h3 id="us-pmi-impact">US PMI Impact</h3>
<p>The U.S. PMI by S&amp;P Global, a monthly survey of business activities that tracks the manufacturing and services sector, is scheduled to be released later today. The investors will keep a close track of the data for clarity on the U.S. economic health. Notably, this data could shape the future trajectory of the broader financial market, let alone the Bitcoin price.</p>
<p>Notably, in May, the S&amp;P Global Composite PMI increased at a rapid pace to 54.5 from 51.3 in the prior month. Besides, the U.S. Manufacturing PMI increased to 51.3 last month from 50 in April.</p>
<p>However, the upcoming S&amp;P Global U.S. Services PMI data for June is expected to show a slower expansion of 54 from 54.8 in April. In addition, the manufacturing PMI is also expected to edge lower to 51 in June. It’s worth noting that a reading over 50 indicates an expansion in the sector’s business-related activities.</p>
<p>Meanwhile, with the recent macroeconomic pressures and the <a href="https://coingape.com/trending/fed-meeting-june-2024-why-the-interest-rate-cuts-might-not-happen-at-all/" target="_blank" rel="noopener noreferrer nofollow">U.S. Fed</a> sticking to their policy rate plans, the Bitcoin price has noted gloomy trading. Having said that, today’s S&amp;P Global PMI data would play a crucial role in shaping the future of Bitcoin.</p>
<p><strong>Also Read: <a href="https://coingape.com/bitcoin-whale-activity-germanys-3-billion-btc-holdings-on-radar/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin Whale Activity, Germany’s $3 Billion BTC Holdings on Radar</a></strong></p>
<h3 id="bitcoin-etf-outflow">Bitcoin ETF Outflow</h3>
<p>The <a href="https://coingape.com/bitcoin-spot-etfs-suffer-140m-outflow-marking-five-day-decline/" target="_blank" rel="noopener noreferrer nofollow">U.S. Spot Bitcoin ETF</a> has continued to witness significant outflows over the past few days. After a robust inflow noted over the last few weeks, the momentum seems to have faded in recent days.</p>
<p>On June 20, the U.S. Spot Bitcoin ETF noted an outflow of nearly $140 million, led by GrayScale’s GBTC with $53.1 million outflux. This week, the total outflow totaled about $440 million through Thursday.</p>
<h2 id="bottom-line">Bottom line</h2>
<p>Bitcoin’s price faces continued pressure, as noted by prominent crypto analyst Rekt Capital. Despite recent attempts to recover, Bitcoin encountered a strong rejection from the Lower High resistance, suggesting the cryptocurrency isn’t ready to break its June downtrend. In other words, Rekt Capital anticipates more decline in Bitcoin price, indicating a dip towards $60,000, before a further reversal.</p>
<figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://pbs.twimg.com/media/GQl4Pq4XsAA88Vw?format=jpg&amp;name=large" alt="Bitcoin Price Chart" width="750" height="502">
 <figcaption class="wp-caption-text">
  Source: Rekt Capital, X
 </figcaption>
</figure>
<p>Similarly, analyst Ali Martinez observed a downturn in exchange-related on-chain activity, highlighting reduced investor interest and network usage. This decline in activity further signals that <a href="https://coingape.com/glossary/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> might remain subdued until market sentiment shifts and activity picks up again.</p>
<figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://pbs.twimg.com/media/GQl5VczWkAATvnS?format=jpg&amp;name=large" alt="Bitcoin Exchange Inflow Volume" width="755" height="425">
 <figcaption class="wp-caption-text">
  Source: Ali Martinez, X
 </figcaption>
</figure>
<p>Both analysts suggest monitoring these resistance levels and on-chain metrics closely for signs of a trend reversal in the near future. Besides, Ali Martinez has previously said that if Bitcoin fails to stay above $66,254, <a href="https://coingape.com/markets/bitcoin-price-drop-to-60000-lingers-as-etf-outflows-escalate/" target="_blank" rel="noopener noreferrer nofollow">BTC</a> could see a potential correction to $61,000.</p>
<p>As of writing, <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin price</a> fell nearly 3.6% and traded at $63,5887.92, while its trading volume rose 31.74% from yesterday. Besides, the Bitcoin Futures Open Interest plummeted 1.95% over the last 24 hours and 0.75% in the four-hour time frame to 532.30K BTC or $34.05 billion.</p>
<p><strong>Also Read: <a href="https://coingape.com/binance-finalizes-tether-integration-on-toncoin-network-what-next-for-ton/" target="_blank" rel="noopener noreferrer nofollow">Binance Enables USDT Integration on TON Network, TON Price Rally Ahead</a></strong></p>
<p>The post <a href="https://coingape.com/top-3-reasons-why-bitcoin-price-crashing-towards-60k/" rel="noopener noreferrer nofollow">Top 3 Reasons Why Bitcoin Price Crashing Towards $60K</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

Top 3 Reasons Why Bitcoin Price Crashing Towards $60K

Table of Contents

Coingape News Media

Muita 21. kesäk. 2024 julkaistuja artikkeleja

Bitcoin Miners Poised for Explosive Growth Amid Strategic Investments

Can Chainlink surge 42% to $22 after the recent breakout?

Wiki Finance Expo Bangkok 2024 is Coming in September!

Cryptocurrencies Face Challenges While Some Altcoins Show Gains

Theta and Book of Meme Investors Scamper For MoonBag Coin Staking Rewards Offering 88% APY

Bitcoin ETFs lose $140 Million amid ongoing US fund withdrawal

Join our free newsletter for daily crypto updates!