Bitcoin, the cryptocurrency market leader, has experienced a significant price drop, triggering a massive sell-off. After reaching an all-time high in April, the cryptocurrency's value has been declining, influenced by miners and market conditions.

The price drop has led to a substantial outflow from Bitcoin ETFs, with investors pulling out $620 million last week. On Monday, June 17, all nine spot Bitcoin ETFs in the US recorded an outflow of $208 million, with Fidelity's FBTC and Grayscale's GBTC experiencing significant outflows. This trend indicates a loss of investor confidence in the cryptocurrency.

According to Rekt Capital, a leading cryptocurrency analyst, Bitcoin's price is struggling to break through the resistance level between $60,573 and $71,524. The cryptocurrency needs to surpass the $71,350 range to regain momentum, but it has failed to break the low of $67,183, indicating resistance is forming at lower levels.

The decline in Bitcoin's price has also led to a decrease in its market value, which fell below $1.3 trillion. The selling pressure is expected to continue in the coming days, as sellers are willing to sell at lower levels when opportunities arise during the rise. However, it's worth noting that Bitcoin has recovered strongly from this level in the past, such as in March.

In conclusion, Bitcoin's price drop has sparked a sell-off frenzy, with investors pulling out millions from ETFs and the cryptocurrency's market value declining. While the trend indicates a loss of investor confidence, Bitcoin has shown resilience in the past and may recover from this decline. However, the current trend suggests that the downward momentum may continue in the coming days.