Market situation: Bitcoin price drops below $64,000 and outflows from Bitcoin ETFs continue
Bitcoin has arguably seen better days in terms of price action.
The digital currency recorded levels close to the $70,000 level on several occasions during the past week.
However, its inability to hold above this level led to a painful pullback that took its price below $65,000 by Friday.
The weekend was relatively calm, as the cryptocurrency was able to regain some momentum and rose slightly to reach the $66,000 level.
At the beginning of the new week, Bitcoin tried to rise towards $67,000, but bears pushed it back to its lowest monthly level at $64,000.
After that, Bitcoin went on the offensive yesterday and rose to around $66,500 (according to Bitstamp data).
But the price rejection again pushed the currency lower, as the currency is now struggling to stay above the $64,000 level.
These price declines coincided with continued outflows from Bitcoin ETFs.
After a pause on June 19, withdrawals yesterday reached nearly $140 million, with GBTC funds outperforming FBTC for the first time in several years.
With this decline, Bitcoin's market capitalization fell by 2% on the day to reach 1.$265 trillion.
