Bitcoin (BTC) has extended its losing streak, falling by another 1% to trade at $65,685, a level not seen in a month. The flagship cryptocurrency has been under intense selling pressure, with its market capitalization dipping below $1.3 trillion. The daily trading volume has surged by 125% to $35.7 billion, indicating a highly volatile market.

The Bitcoin price has breached the critical support level of the 50-day moving average, signaling a short-term downtrend. This development comes as the Federal Reserve hints at maintaining interest rates higher for a longer period than expected. As a result, Bitcoin investment products have witnessed significant outflows, with $620 million exiting the market last week alone.

The outflows have continued this week, with all nine spot Bitcoin ETFs in the US recording outflows of $208 million on Monday, June 17. Fidelity's FBTC and Grayscale's GBTC have been among the hardest hit, with outflows of over $80 million and $60 million, respectively. Popular crypto analyst Rekt Capital has noted that Bitcoin's price is struggling to break past the range high of $60,573-$71,524, a development that could lead to further downside.

According to Rekt Capital, for Bitcoin to enter a parabolic phase, it needs to surge past the range high of $71,350. However, the cryptocurrency is failing to even break the lower high of $67,183, suggesting that resistance is building progressively lower. This could lead to sellers weighing down on the price, causing it to drop further. Analysts predict a possible drop to $63,800, a level that could provide crucial support.

In conclusion, Bitcoin's price slump to a one-month low has raised concerns among investors. With the Federal Reserve's interest rate decision and significant outflows from Bitcoin investment products, the cryptocurrency's short-term outlook appears bleak. While some analysts predict a possible drop to $63,800, others believe that Bitcoin needs to break past the range high of $71,350 to enter a parabolic phase. As the market continues to evolve, it remains to be seen how Bitcoin will perform in the coming days.