Bitcoin price has declined to a month low, presenting the lower lows and lower highs pattern under the influence of Bitcoin ETF outflows and inflation data.
price has shifted from a bullish value of $71,656 in early June to the month’s low at $61,212. It has drifted more than 7% in the last few days and has impacted the performance of the other altcoins. A major impact has also been seen in its market capitalization of $1.2 Trillion after a 5% decline from yesterday. However, a surge in its network activity is present as the trading volume has recovered to $24.4 Billion after 206% gains.
The BTC price has moved down the $62,200 support level and might continue to do so under the impact of lower lows and low highs patterns.
Why Is Bitcoin Price Dropping Continuously?
Bitcoin’s downward push was higher this Monday as the price has dropped 5% in the last 24 hours due to uncertainty of key inflation data and the US interest rates. The concerns grew over the greenback (US paper dollar) getting closer to the two-month high purchasing managers index data. However, the feared sentiments about the US dollar might change around the upcoming PCE inflation data.
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