Bitcoin, the pioneer of cryptocurrencies, has faced intense selling pressure following a significant price drop. After reaching an all-time high in April, the cryptocurrency has been on a downward spiral, influenced by miners and interest rate hikes. The selling wave has pushed Bitcoin's price down to $65,000, with its market value falling below $1.3 trillion.

The decline has also affected Bitcoin ETFs, which recorded a massive outflow of $620 million last week. On Monday alone, all nine spot Bitcoin ETFs in the US saw an outflow of $208 million, with Fidelity's FBTC and Grayscale's GBTC experiencing outflows of over $80 million and $60 million, respectively.

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

As the selling pressure continues, sellers are willing to sell at lower levels, and the downward momentum may persist in the coming days. The $67,200 level, which was previously a strong support, has now become a weaker support, making it challenging for Bitcoin to recover. The cryptocurrency's price drop has also led to a decline in its market value, which could have far-reaching implications for the entire cryptocurrency market.

In conclusion, Bitcoin's price drop has triggered a selling frenzy, with ETFs experiencing massive outflows. The critical level for BTC is now $71,350, which it needs to surpass to regain momentum. If the selling pressure continues, the downward momentum may persist, making it challenging for Bitcoin to recover. The cryptocurrency market is watching closely, hoping for a reversal in the trend.