Bitcoin (BTC) Price Struggles to Find Footing and Add Gains, Drops Below $64,000

BTC struggles to find pace and add gains. It slumped over 3% on 21 June, dropping below $64,000, and presently fluctuates just above $64,000.

Bitcoin (BTC) price action has been far from stellar of late. After hitting highs of $70,000 earlier this month, BTC has failed to gain any further ground. In fact, the past week has seen the apex crypto trade sideways, with minimal gains or losses. This has left many traders and investors wondering what’s next for BTC.

According to Santiment, traders’ fatigue and whales’ accumulation usually lead to bounces that reward those who hold through the turbulence. Despite the crowd’s fear, those who can stomach the volatility may be handsomely rewarded.

After hitting lows of $63,700 on 21 June, BTC price action recovered slightly to trade just above the $64,000 mark at the time of writing. However, the asset has lost 8% over the past month, and traders are hoping for a price uptick.

Whales and miners have liquidated over $1.2 billion of BTC in the past two weeks as prices fell. This is a factor that can keep BTC prices well below the $70,000 mark for the time being. According to some traders, this may even lead to prices hitting the $60,000 mark soon.

Bitcoin crowd sentiment has been analyzed by Santiment, revealing that the crowd has been pessimistic over the past weeks. Currently, there is a lot of fear, uncertainty, and doubt (FUD) in the asset, which is leading holders to sell and enthusiasts to refrain from buying.

Moreover, BTC ETFs recorded outflows of $139.88 million on 21 June, bringing the weekly outflows to over $900 million.

In an X post, the firm noted, “The crowd is mainly fearful or disinterested toward Bitcoin as prices range between $65K to $66K. This extended level of FUD is rare, as traders continue to capitulate.”

Santiment tracks mentions of bitcoin online, comparing positive and negative mentions to calculate its “Weighted Sentiment Index.” The index is currently showing negative for the asset.

Despite this, the market is still bullish on BTC in the long term, as the asset still trades in a price range that is far higher than where it was just six months ago.

News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-btc-price-struggles-footing-add-gains-drops.html

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