 ▲ Bitcoin whale ©Coin Leaders |
Bitcoin (BTC) price fell today as increased outflows from cryptocurrency investment products and a broader market correction impacted investor sentiment.
According to data from TradingView, the BTC price fell from an opening price of $66,629 on June 17 (local time) to an intraday low of $65,050. It is currently trading at around $66,300.
Cointelegraph, a cryptocurrency media outlet, said that the reasons for the decline in Bitcoin prices were high fund outflow from spot ETFs in addition to widespread Bitcoin market corrections, the hawkish stance of the Federal Open Market Committee (FOMC) (which favors monetary tightening), technical resistance, and alt The movement of funds into coins was cited.
Specifically, ▲High fund outflow from Bitcoin ETF: The weekly outflow from Bitcoin spot ETF totaled $621 million, indicating a decrease in investor interest. ▲hawkish FOMC stance: The FOMC recently decided to cut interest rates. ▲ Broad market correction: Negative macroeconomic data and overall market correction affected investment sentiment, ▲ Technical resistance: Bitcoin fell from $68,223 to 68,900 It is facing resistance against the dollar, and many previous buyers may be selling to break even. Additionally, some appear to be moving funds to altcoins that have seen net inflows and better performance.
Some viewed the focus on artificial intelligence (AI) as a factor in the decline in Bitcoin prices. In relation to this, Yang Yuwei, chief economist at Bitcoin mining company Bit Mining (BTCM), said in a report that as market FOMO (fear of being left behind in the market) is focused on AI-themed stocks, cryptocurrency is increasing among risk asset investors. It was assessed that it was losing its charm.
However, analysts say long-term investors are not panicking and are continuing to buy, according to Cointelegraph.
The number of wallets holding more than 10 BTC was 16.6 million, the highest since June 2022, according to market intelligence firm Santiment.
Cointelegraph expressed optimism, saying, "Bitcoin is weak in the short term, but it is stuck in a range and buying forces are likely to appear at the support line. The longer it stays in the range, the greater the force needed for the price to break through the range." It gave strength.
The media reported that Bitcoin is facing strong selling pressure, but the charts suggest strong support at $64,500 and again at $60,000.
Bitcoin is facing strong selling pressure, but the charts suggest strong support at $64,500 and again at $60,000.
In particular, Binance CEO Richard Tung appeared on the Bankless YouTube channel and predicted, “Bitcoin will exceed $80,000 before the end of this year.”
“I think 2025 will be a better year for the cryptocurrency industry overall than 2024 because the overall macroeconomic situation will be much better,” he said. “I think a better interest rate environment is likely to lead to an increase in cryptocurrency prices in 2025,” he explained.
Meanwhile, according to Crypto Briefing, Rekt Capital, an anonymous cryptocurrency trader with about 470,000 X (formerly Twitter) followers, recently said through It is a typical phenomenon that Bitcoin is struggling to break through new highs. “Bitcoin is currently in the re-accumulation phase, and based on past patterns, the sideways trend could extend for another three months,” he predicted.
According to CoinMarketCap, a global cryptocurrency price relay site, as of 9:35 a.m. on June 18 (Korean time), the BTC price is recording $66,386, down 0.59% from 24 hours ago.
