Bitcoin's price recently dropped to $63,500, marking its lowest point in over a month. This decline is attributed to significant outflows from Bitcoin spot ETFs and a decrease in Bitcoin's market dominance. Since June 10, nearly $500 million has been withdrawn from Bitcoin ETFs, coinciding with a stronger U.S. dollar and a general risk-off sentiment among investors. The Bitcoin Dominance Index, which measures Bitcoin's share of the total cryptocurrency market, fell to 55.14%. This shift reflects an increased interest in altcoins, especially Ethereum, following the SEC's decision to end its investigation into Ethereum's status as a security.
Despite the current downturn, technical analysis suggests a potential for Bitcoin's price to rise to $88,000 by July or August. Analysts believe that while the immediate market sentiment is bearish, the underlying fundamentals of Bitcoin remain strong, indicating possible future growth.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.