"Don't worry, it's only the beginning of July and we don't even know what will happen at the end of the month. We know it will go up, right?"
Failing to bounce back, the price of cryptocurrency king Bitcoin (BTC) weakened to $57,944 as the spot BTC ETF in the United States (US) posted a $13 million outflow that broke a five-day streak of inflows.
According to Singapore-based QCP Capital, distribution by crypto exchange Mt. Gox malfunction may have contributed to the bearish sentiment plus the exact release schedule is currently unknown.
Even so, some traders who remain optimistic about BTC's rise have expected the digital asset to potentially reach $150,000 shortly after the Mt.Gox distribution is complete.
However, it should be noted that the daily income of miners which experienced a drop of $29 million today from $79 million on March 6, 2024 has caused miners to turn off their equipment and the hash rate has dropped significantly.
So here it can be seen that BTC's price decline below $60,000 again since the end of June 2024 has wiped out $8.4 million worth of long contracts in the past hour and even Ethereum (ETH) derivative traders are feeling the pain.
This is because Federal Reserve (Fed) Chairman Jerome Powell while speaking yesterday at an event organized by the European Central Bank (ECB) has given assurances that the FOMC is in a hurry to lower its target interest rate.
Through observation, BTC can reach $67,147 if the price crosses $63,956 then can extend an additional 6% increase at $71,280 when a more aggressive climb is triggered but if it fails then the digital asset can slip back to almost $58,375.
As of this writing, BTC price has plunged by 4.82% to $58,582 in the last 24 hours with a market capitalization of $1.1 trillion and has recorded a 3.72% decline over the past week.