Will Increased Spot Bitcoin ETF Outflows Force BTC To $56,500?

Bitcoin is under intense selling pressure. As long as BTC is below $66,000, there is a high chance of the coin tumbling to $60,000

Dalmas Ngetich•Wednesday, June 19, 2024•1 min read

Bitcoin fell like a rock yesterday. By bears stepping up, the path of least resistance is clear. Traders should consider taking shorts on dips, especially now that the coin is firmly below the all-important psychological resistance line at $66,000. Provided this level is unconquered, BTC is likely to disintegrate even more in the sessions to come, perhaps plunging below $60,000. Ideally, at this pace, there is no discounting the possibility of Bitcoin retesting May 2024 lows.

At press time, Bitcoin is down roughly 1% on the last day and 3% on the previous week. As the coin slides, there is a marked increase in participation as the average trading volume is now over $34 billion. Looking at the price chart, sellers are squarely in control. This will likely be the state of affairs, especially if there is confirmation by today’s close.

Bitcoin daily chart for June 19

Today, the following Bitcoin news events should be watched:

The sell-off across the Bitcoin market scene is mostly due to heightened outflows from spot ETFs. According to trackers, outflows have been increasing, reaching over $580 million last week. The more redemption there is, the more pressure there is on prices.
Bitmain, one of the world’s leading manufacturers of mining rigs, has released a new miner that can offer up to 473 TH/s of hash rate. It is hydro-cooled.

Bitcoin Price Analysis

BTC/USD is stable at spot rates.

Looking at the performance in the daily chart, every high may offer entries for aggressive sellers targeting $60,000.

Opportunities are present, especially if prices are held inside the June 18 bar.

If BTC disintegrates even further, breaking $60,000, it may drop to as low as Q2 2024 lows of around $56,500.

This preview is valid, considering the high selling momentum. Currently, bear bars are aligning along the lower BB, pointing to high volatility and the presence of sellers.