After almost three weeks, the spot Bitcoin ETFs have witnessed outflows, which could be a likely reason why the Bitcoin price drop happened in the early hours of June 11.
The crypto market went through a downtrend in the last 24 hours, with Bitcoin experiencing the dip first. Bitcoin was trading above $69,000 until June 11, but a sudden dip pulled it down towards $67,000. The quantum of the Bitcoin price drop was not huge, though, which may reassure long-term investors. Meanwhile, other tokens have also followed suit and seen losses.
The most likely reason for this dip could be the outflows in the spot Bitcoin ETFs. After recording continuous inflows for weeks, the Bitcoin ETFs saw a profit-booking spree from investors. It may have happened due to mixed economic results worldwide. For instance, the US hasn’t reported a steep cut in inflation despite record-high interest rates.
On the other hand, support of around $69,000 was also lacking for BTC on June 11. The next key goal for Bitcoin would be to trade above its 20-day moving average to continue the bullish sentiments. Over the last day, volatility in the crypto market has also increased drastically.
This week’s monetary policy meeting in the US could provide a big turnaround to the crypto market. The market has historically acted anxiously prior to previous meetings. As a result, the next few days are crucial.
BTC/USD 1D price chart
Bitcoin is currently trading at around $67,700 on June 11, 2024, with BTC/USD trading lower by a margin of 3.08% in the last 24 hours. Bitcoin’s market cap was trading at around $1.32 trillion in the last 24 hours.
BTC/USD is trading lower than its 20-day EMA (68,622.88), as BTC’s 24-hour volume was at around $30.3 billion. The global crypto market cap decreased by around 3.17%, trading above $2.45 trillion. BTC’s year-to-date returns are at 60.61%
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