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3 reasons why Bitcoin price struggles to reclaim $64K.
1. Bleeding spot Bitcoin ETFs weigh on BTC price
Investors’ risk-off sentiment is evident across the spot Bitcoin ETFs, where investors have been withdrawing their capital for days.
On June 19, spot Bitcoin ETFs in the U.S. recorded outflows for the fifth consecutive day, bringing the total withdrawals for the week to $900 million. This is the highest outflow activity since late April.
2.Falling network activity backs Bitcoin’s downside
Another reason why Bitcoin’s price continues to scale downward could be reduced demand due to declining network activity.
3.Bitcoin’s price loses key support levels
From a technical perspective, Bitcoin’s price decline today is part of a broader correction that started after it was rejected from the $72,000 resistance level on June 7. During this drawdown, BTC has lost key support levels, including the 50- and 10-day exponential moving averages (EMAs), which are currently at $66,724 and $66,594, respectively. 0 reply
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