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Bitcoin Price Faces Ongoing Selling Pressure
#Bitcoin #BTC $BTC

Price Drops Below $65,000
Bitcoin (BTC) has fallen below $65,000, correcting 10% from its June high of $72,000, underperforming the US stock market.

Profit-Taking and Market Trends
87% of Bitcoin holders remain in profit, prompting further profit-taking. The crypto market's excitement over the Ethereum ETF approval has faded, contributing to recent declines.

Miners and ETF Outflows
Bitcoin miners have sold over 30,000 BTC worth $2 billion in June due to increased costs and reduced profits post-halving. ETF outflows have surpassed $500 million, and the German government has sold large amounts of its BTC holdings.

Potential for Continued Selling
With 87% of holders in profit, further selling is likely. Analysts predict price consolidation until the end of summer 2024, with a major bull run expected around September.

Upcoming Economic Indicators
Focus will be on the PCE price index for May, with potential downside risks indicated by weak retail sales and improved personal income.