Bitcoin Drops, Trailing BTC Mining Stocks: Will Prices Dump To $60,000?

Bitcoin is under immense selling pressure, looking at events in the daily chart. Even though buyers are optimistic, expecting a miracle, the path of least resistance is clear. As it is, BTC has not only broken below $66,000, but sellers are also stepping up and extending losses. With the coin retesting last week’s lows of around $65,000, the coin could drop some more in the sessions to come if buyers fail to flow back.

Bitcoin is in the red when writing, shrinking by 3% week-to-date. At the same time, the average trading volume is rising at over $36 billion. Today, price action could change if sustained losses below $66,000 allow sellers to increase their positions.

Today, traders should watch the following Bitcoin news:

• By the end of last week, all listed Bitcoin miners in the United States had a market cap of over $22.8 billion. According to a JP Morgan report, these mining stocks outperformed BTC during that period, with Core Scientific adding 117% alone.
• In another major move, the Australian Securities Exchange (ASX) approved a spot Bitcoin ETF by VanEck. The product will begin trading on its platform as of June 20. Australia joins the United States, Thailand, Brazil, and the United Kingdom, among countries permitting the trading of this derivative.

Bitcoin Price Analysis

BTC/USD is dumping at spot rates, looking at the performance in the daily chart.

After the slip on June 17, the coin is now retesting last week’s lows.

Since Bitcoin is trading below $66,000, traders might look to short on every print higher, targeting $60,000.

So far, the selling momentum is strong. There are bars aligning with the lower BB. This line is also diverging from the middle BB, pointing to high volatility–an opportunity for traders.

For the trend to shift, there must be sharp gains reversing losses of June 11.