Bitcoin experienced a 20% drop in June, marking its worst monthly performance in four years, with significant outflows from ETFs.
In June, Bitcoin saw a downturn of nearly 20%, falling below the $60,000 threshold, marking its most challenging month in four years.
On June 24, Bitcoin's value dropped to $59,060, coinciding with a surge in the U.S. Dollar Index (DXY), which reached a 13-month peak. As July commenced, Bitcoin remained under $60,000.
According to CoinGecko, Bitcoin's value has decreased by 19.1% over the past month, with the cryptocurrency fear and greed index reflecting extreme negativity at 11.
CoinDesk highlighted that the June decline was particularly severe, as it involved a rapid loss of key support levels, raising concerns among traders about Bitcoin's ability to recover and stabilize above recent lows.
CryptoQuant reported a record influx into Bitcoin accumulation addresses, indicating that while retail investors are panic selling, larger players are taking advantage of the situation by buying up the supply.
Michael van de Poppe, founder of MN Trading, noted that for Bitcoin to regain an upward trajectory, it needs to close the week above its 200-week moving average, which is currently around $63,000.
Additionally, June proved to be the worst month for spot Bitcoin ETFs in the U.S., with a staggering net outflow of $4.5 billion, the largest since their inception in January 2024.
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