Bitcoin (BTC) has dipped below $64,000 for the first time in over a month, with the largest cryptocurrency by market cap now trading at $63,552. This represents a 3.54% drop over the last 24 hours, while the broader crypto market cap is down 3.24% to $2.33 trillion.
The downturn is attributed to a few factors. Firstly, investors are pulling out of spot Bitcoin exchange-traded funds (ETFs), with outflows recorded for five consecutive days totaling $900 million. Secondly, declining network activity indicates reduced demand for BTC, with daily active addresses on the Bitcoin network dropping 35% over the last 90 days.
Lastly, from a technical perspective, Bitcoin's price decline is part of a broader correction 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-day and 10-day exponential moving averages.