BTC Price Dips Below $64K Once Again as Bitcoin ETF Outflows Continue (Market Analysis)
Bitcoin’s price struggles persist as the cryptocurrency faces resistance at $66,400 and drops towards the $64,000 level for the third time this week. The overall market sentiment has affected altcoins as well, with several experiencing significant declines, particularly within the meme coin niche.
The primary cryptocurrency had a more positive trajectory just last week when it surged to $70,000 on multiple occasions. However, its inability to sustain those gains resulted in painful rejections, pushing the price below $65,000 by the end of the week.
Over the weekend, Bitcoin regained some ground and stood at just over $66,000. The start of the new week initially saw a push towards $67,000, but it was quickly halted, leading to a drop to a monthly low of $64,000.
Bitcoin managed to rebound from this level and briefly reached near $66,500 on Bitstamp. However, it faced yet another rejection and is currently struggling to stay above $64,000 once again.
These price declines coincide with continuous outflows from spot Bitcoin ETFs. With withdrawals close to $140 million on the most recent day, the outflows have contributed to BTC’s downward pressure. Notably, GBTC has overtaken FBTC in terms of outflows for the first time in a while.
As BTC is down by 2% on the day, its market capitalization has declined to $1.265 trillion. Nevertheless, Bitcoin’s dominance over other cryptocurrencies has seen a slight increase to 51.5%.
Altcoins, on the other hand, are faring even worse than BTC, with many experiencing significant losses. Ethereum (ETH) has dropped by over 3% and is trading below the psychological support level of $3,500. Binance Coin (BNB) has also declined by a similar percentage, currently priced at $583.
Other major cryptocurrencies such as SOL, SHIB, DOT, LINK, XRP, DOGE, and ADA have also registered losses. However, the notable losers of the day are meme coins, including WIF, JASMY, BONK, BRETT, PEPE, and FLOKI, all of which have seen declines exceeding 8%.
Overall, the combined market capitalization of all cryptocurrencies has witnessed a decrease of approximately $50 billion within a single day.