News View Non-AMP

Top 3 Reasons Why Bitcoin Price is Down Today: Should You Sell?

Published by
Elena R

The cryptocurrency market took a bit of a tumble recently, with its total value dropping over 3 percent to around $2.59 trillion. Bitcoin, the big player, fell below the $68,000 mark, settling around $67,600 on Tuesday. But that’s not all. In the past day alone, the crypto derivatives market saw losses of a staggering $164 million, with long traders bearing the brunt of over $140 million.

With the market feeling shaky, many cryptocurrency traders found solace in stablecoins. Reports from crypto experts show that Tether USDT, with a daily trading volume averaging around $47 billion, surpassed both Bitcoin and Ethereum combined.

What’s causing the jitters, and where is Bitcoin headed next? Dive deeper to find out!

Why Bitcoin Took a Dive Today

Attention on US Inflation Data

All eyes are on the United States Bureau of Labor Statistics, set to release the Consumer Price Index (CPI) data on Wednesday. Plus, the United States Federal Reserve will unveil its FOMC statement, economic projections, and interest rates on the same day, adding to the tension.

While expectations suggest the US interest rates will stay put, recent moves by the European Central Bank (ECB) and the Bank of Canada to lower rates have stirred the pot. Given past instances where FOMC data shook up the crypto world, many traders are playing it safe.

High Resistance at $72k

Bitcoin has been facing a tough time breaking past the $72,000 resistance level for the past four months, despite considerable interest from big investors. Looking at it technically, there are signs that Bitcoin’s price might be forming a classic head and shoulders (H&S) pattern on a weekly basis.

Adding to the pressure is the bearish weekly divergence spotted on the Relative Strength Index (RSI), painting a challenging picture for Bitcoin in the coming months. Still, Bitcoin supporters remain confident, citing recent halving events, clearer crypto rules, and growing mass adoption.

Spot BTC ETFs See Negative Turn

After enjoying over two weeks of positive cash flow, spot Bitcoin ETFs in the United States, holding more than 1 million coins, faced a net outflow on Monday.

Data from these ETFs shows that BlackRock only saw a modest cash flow of about $6.3 million on Monday, signaling a shift in investor sentiment.

Hit us with your predictions! Where do you see the Bitcoin price headed in the next few months?

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

Recent Posts

Morgan Stanley Predicts 7 Fed Rate Cuts by 2026: Will Crypto Rally Again?

Morgan Stanley has just dropped a big prediction: the Federal Reserve is expected to cut…

June 25, 2025

Bitcoin Supply Shock Ahead? Max Keiser Predicts Major Price Surge

Bitcoin is back in the headlines as Max Keiser, a longtime supporter of the cryptocurrency…

June 25, 2025

Fact Check: Is Elon Musk Buying XRP (Ripple)?

Is Elon Musk planning an investment in Ripple’s XRP? A recent viral post has claimed…

June 25, 2025

Hyperliquid Price Prediction 2025, 2026 – 2030: Will HYPE Price Hit A New ATH?

Story Highlights The live price of the Hyperliquid crypto is . The 2025 HYPE price…

June 25, 2025

Pi Network Price Prediction 2025, 2026 – 2030: Why Is Pi Coin Dropping?

Story Highlights Pi Coin Live Price is Banxa integrates with Pi, acquiring 10 million PI…

June 25, 2025

Aptos Price Hits New Highs in June 2025—Is it the Right Time to Buy APT?

Aptos price is making a strong comeback after rebounding from the lows not seen since…

June 25, 2025