Bitcoin Price Dip: Why BTC is Heading Towards $60K?

Bitcoin has experienced significant selling pressure, with its price dipping below $64,000, raising concerns about a potential crash to $60,000 or lower. Several factors are contributing to this downward trend, including the expiration of Bitcoin options, the impending US PMI data release, and outflows from Bitcoin ETFs. The expiry of $1.96 billion worth of Bitcoin and Ethereum options, with a significant portion allocated to Bitcoin, has heightened market volatility, as traders anticipate price movements around the expiration. The US PMI data, which tracks manufacturing and services sector activity, is expected to be released soon, and investors will closely watch its impact on the broader financial market, including Bitcoin. Outflows from US Spot Bitcoin ETFs over the past few days, particularly from Grayscale's GBTC, have also contributed to the downward pressure. Crypto analysts like Rekt Capital and Ali Martinez observe a decline in Bitcoin's price and on-chain activity, suggesting a possible correction to $60,000. While Bitcoin attempted to recover, it faced resistance at the Lower High level, further indicating a downward trend. The decline in on-chain activity signals reduced investor interest and network usage, hinting at a subdued market until sentiment shifts. As of writing, Bitcoin has fallen nearly 3.6% and is trading at $63,5887.92, with its trading volume increasing 31.74%.