Bitcoin (BTC) Price Falls Below $63,000 for the First Time in Six Weeks

The Bitcoin (BTC) price has been consistently declining over the past two weeks, consequently putting the flagship cryptocurrency in the undervalued zone.

Bitcoin (BTC) dropped below the $63,000 level for the first time in six weeks on Monday, June 21. The flagship cryptocurrency encountered resistance at $62,300.

The BTC price has been steadily declining over the past two weeks, putting the cryptocurrency in the undervalued zone. This decline follows a period of strong gains that saw Bitcoin reach an all-time high of $69,000 in early May.

The asset’s market capitalization has also decreased, falling to $1.22 trillion. This marks the lowest level of capitalization since May 15.

However, the daily trading volume of BTC has surged by 91% over the past 24 hours, surpassing the $17 billion mark. This increase in trading volume suggests that there is still a lot of interest in Bitcoin despite the recent price drop.

It is also worth noting that spot Bitcoin exchange-traded funds (ETFs) in the United States have seen six consecutive days of outflows, which has brought increased FUD (fear, uncertainty and doubt) to the cryptocurrency market.

According to data from Santiment, the BTC relative strength index (RSI) is currently at the 35 mark after three weeks of continuous declines. The indicator shows that Bitcoin is now oversold, suggesting a potential price rally.

Despite the falling RSI, the massive surge in Bitcoin’s daily trading volume could indicate high price volatility.

Data from the market intelligence platform shows that the BTC exchange inflow decreased from 18,726 coins to 14,547 coins over the past 24 hours. Additionally, the BTC exchange outflow dropped from 20,344 tokens to 14,648 tokens during the same period.

These movements suggest that investors may be attempting to accumulate Bitcoin at this price point, considering the $62,000 mark to be a local bottom for the leading cryptocurrency.