Bitcoin Dips Lower, Shatters Record High Hopes

Bitcoin (BTC) has dropped even lower as a new week begins, now at $65,674 (BTC/USD), which is a decline of 1.33% from the previous day.

That minor decline would not mean very much except that it is part of a larger trend for this coin to continue downward. On June 7th, Bitcoin hit a high of $71,656, and since then, it has dropped lower and lower, losing 8.37% since that time.

There has been very little upward movement for the coin since that high above $70K, which is disappointing for investors who thought that the token moving above $70K meant that it would soon hit a new record high. It does not look like Bitcoin will be setting a new record anytime soon, though.

Bitcoin is hanging out on the lower end of the trading range, with the bears holding the coin in their grasp tightly.

What Is Keeping Bitcoin Down?

Bitcoin may continue to struggle as ETFs come out the gate slowly, with a trickle of adoption rates. Once ETFs are more widely accepted, Bitcoin should feel the boost.

Bitcoin is also feeling the pull of inflation, with a stubbornly high rate that has barely abated this year. As that continues to be a problem for multiple markets, it is especially harmful to the cryptocurrency market at this time. That was made evident last week as the crypto market took a collective tumble after new inflation data was released that showed that high inflation is likely to remain for a while longer.

Bitcoin is also in a freefall at the moment, as traders are selling off their coins following the high above $71K and losing hope that Bitcoin will recover soon.

The token may turn around in the next few days, though, as it could reach the bottom of the trading range and experience a buying surge from investors who want to buy while the price is very low. It has been over a month since Bitcoin has traded at such a low level, and investors will want to take advantage of that.