BTC Value Fluctuates Post-Fed Decision; ETF Outflows Noted

• Bitcoin value drops over 3% to $66,304 after Federal Reserve decision.
• Bitcoin ETFs face $226.21 million sell-off; Grayscale and Fidelity hit hard.
• Bitcoin struggles at $67,045, with key support at $65,500 and $64,800.

Bitcoin , the leading digital currency, has experienced notable fluctuations this week, with its value decreasing by more than 3% in the last 24 hours to a level of $66,304, following a temporary ascent to $68,000 on Thursday. This downturn follows the Federal Reserve’s decision to keep interest rates steady between 5.25% and 5.50%, an event that has cast a shadow over Bitcoin’s market performance.

At the beginning of the week, Bitcoin’s price soared close to $72,000 but was unable to maintain these gains, subsequently falling sharply. Moreover, the digital currency has had difficulty achieving new record levels since reaching its March peak at $73,798, a rise propelled by substantial investments into U.S. exchange-traded funds (ETFs).

Adding to the downward pressure, on June 13, there was a notable sell-off in Bitcoin ETFs, with a total of $226.21 million being pulled out in just one day. Grayscale Investments’ GBTC saw an outflow of $62 million, and Fidelity’s FBTC experienced a withdrawal of $106 million, which was its second since the fund’s creation. In contrast, BlackRock’s Bitcoin ETF saw an inflow of $18 million, going against the prevailing trend of disinvestment. Presently, IBIT is responsible for managing $17.63 billion in Bitcoin ETF assets.

Examining the Upcoming Potential Price Points for Bitcoin

As of this writing, Bitcoin’s price stands at $67,045, with a reported daily trading volume of approximately $26.70 billion. The June 14 sudden downturn caused Bitcoin to fall beneath the ascending parallel channel, breaching important support levels. Currently, Bitcoin is attempting to hold above the 100-day Exponential Moving Average (EMA) at $67,128. A drop below this mark could trigger further losses, with significant support levels at $65,500 and $64,800.

Should Bitcoin fall beneath the $64,500 mark, it may enter a downtrend, aiming for a bottom around $63,000. If the price continues to decline, it could reach the $60,000 support area, which would be a 15% fall from its highest recorded value.

On the flip side, to initiate a recovery, Bitcoin’s price must be driven over the 50-day EMA, which stands at $67,800. This would involve surpassing significant resistance levels at $68,500 and $69,250. Sustaining the price above these thresholds could lead to further advances toward $72,500 and potentially set a new record high in the range of $74,000 to $74,500.