Bitcoin (BTC) News Today: US BTC-Spot ETFs Eye Fourth Straight Day of Outflows

BTC Drops Below $65,000 for the First Time Since May 16

On Tuesday (June 18), bitcoin (BTC) fell by 2.02%. Following a 0.10% decline on Monday (June 17), BTC ended the session at $65,203. Significantly, BTC fell below the $65,000 for the first time since May 16.

Investor sentiment toward the Fed interest rate trajectory continued to affect buyer demand for BTC and the broader crypto market.

FOMC Members Warn Against Fed Interest Rate Cut Bets

FOMC Members delivered unwanted news on Tuesday, June 18, highlighting the uncertainty about a September Fed rate cut.

Despite softer inflation numbers, FOMC Member Susan Collins warned against overbetting on a Fed rate cut. Additionally, FOMC Members Thomas Barkin, Alberto Musalem, and Adriana Kugler wanted more progress on bringing inflation to target before supporting a Fed rate cut.

US retail sales figures for May failed to counter the cautious Fed comments.

Softer-than-Expected US Retail Sales Did Not Drive Demand for US BTC-Spot ETFs

US retail sales increased by 0.1% in May after declining by 0.2% in April. Economists forecast retail sale to rise by 0.2%. Weaker consumer spending could dampen demand-driven inflation and support bets on a September Fed rate cut.

Nevertheless, the US BTC-spot ETF market is on target for a fourth consecutive session of total net outflows on Tuesday, June 18.

According to Farside Investors,

• Fidelity Wise Origin Bitcoin Fund (FBTC) reported net outflows of $83.1 million.
• Grayscale Bitcoin Trust (GBTC) saw net outflows of $62.3 million.
• Bitwise Bitcoin ETF had net outflows of $7.0 million.
• Excluding flow data for iShares Bitcoin Trust (IBIT) and Valkyrie Bitcoin Fund (BRRR), the US BTC-spot ETF market had total net outflows of $152.4 million.

Significantly, the US BTC-spot ETF market faced its longest net outflow streak since a seven-day net outflow streak ended on May 3.

Notably, the seven-day net outflow streak sent BTC to a May 1 low of $56,552.

Recent trends highlight the influence of US economic data and Fed speeches on the US BTC-spot ETF market and BTC price trends.

Technical Analysis

Bitcoin Analysis

BTC remained below the 50-day EMA but above the 200-day EMA, signaling bearish near-term trends but bullish longer-term prospects.

If BTC moves through the 50-day EMA, it could test the $69,000 resistance level. A break above the $69,000 resistance level could give the bulls a run at the $73,808 all-time high.

FOMC member chatter and US BTC-spot ETF flow data require investor attention.

On the other hand, if BTC breaks below the $64,000 support level, it could indicate a decline to the $60,365 support level.

With a 39.43 14-Daily RSI reading, BTC may fall below the $64,000 support level before entering oversold territory.

Ethereum Analysis

ETH sat above the 50-day and 200-day EMAs, sending bullish price signals.

An ETH return to the $3,600 handle could give the bulls a run at the $3,835 resistance level.

US ETH-spot ETF-related chatter needs consideration.

Conversely, an ETH drop below the 50-day EMA and the $3,480 support level could bring the $3,244 support level into play.

The 14-period Daily RSI reading, 48.05, indicates an ETH drop to the $3,244 support level before entering oversold territory.