Bitcoin Price Drops to One-Month Low, More Downside Ahead?

Bitcoin (BTC) is facing selling pressure and has dropped to its one-month low, falling below the crucial 50-day moving average. The price is currently trading at $65,685, down 5% on the weekly chart. The daily trading volume has surged by 125% to $35.7 billion. This downward trend is fueled by the Federal Reserve's indication of maintaining higher interest rates for a longer period. Bitcoin investment products registered $620 million in outflows last week, with Bitcoin ETFs experiencing significant losses. Crypto analyst Rekt Capital suggests that Bitcoin is failing to break past the re-accumulation range of $60,573-$71,524 and is instead facing resistance at progressively lower levels. Analysts believe there is a possibility of the BTC price dropping to $63,800.