Bitcoin ETFs have seen outflows of $1.3 Bitcoin in the last two weeks of trading, but analysts expect markets to rally higher in the coming months. Outflows from United States spot Bitcoin exchange-traded funds (ETFs) reached $1.3 billion over the last two weeks as the price of Bitcoin continues to decline.

According to data from Farside Investors, the total outflow for Bitcoin ETFs notched $1.298 billion over the last two trading weeks with Grayscale leading outflows at $517.3 million in the same period. Notably, BlackRock’s Bitcoin ETF has been the only fund to post positive results, raking in $43.1 million worth of inflows over the last two weeks.

Bitcoin turned down from the breakdown level of $64,602 on June 23, indicating that the bears are trying to flip the level into resistance. The moving averages have completed a bearish crossover, and the RSI is in the oversold territory, signaling that the bears are firmly in the driver’s seat.

The BTC/USDT pair could plunge to solid support at $60,000. This level is expected to attract strong buying by the bulls, but any relief rally is likely to face selling at the 20-day EMA ($65,687). If the price turns down from the 20-day EMA, the possibility of a drop to $56,552 will increase. The first sign of strength will be a break and close above the moving averages. If that happens, the pair could attempt a rally to $70,000 and subsequently to $72,000..

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