Bitcoin's price continues to slide, sparking concerns among investors. The cryptocurrency has fallen below $64,000, with analysts predicting a potential crash to $60,000 or even lower. Several factors are contributing to this decline, including the expiration of Bitcoin options, the release of US PMI data, and outflows from Bitcoin ETFs.

The expiration of $1.96 billion worth of Bitcoin and Ethereum options has heightened market volatility, with a put-to-call ratio of 0.46 and a max pain point of $67,000. This substantial expiry has traders and investors on edge, leading to increased scrutiny of price trends. While options expiry typically provides stability in the long run, it can cause short-term volatility.

The release of US PMI data by S&P Global is also impacting Bitcoin's price. The data provides insight into the US economic health, which can shape the future trajectory of the broader financial market. A reading over 50 indicates an expansion in the sector's business-related activities, but the recent macroeconomic pressures and the US Fed's policy rate plans have led to gloomy trading.

Outflows from Bitcoin ETFs are another contributing factor to the decline. The US Spot Bitcoin ETF has witnessed significant outflows over the past few days, with a total outflow of about $440 million through Thursday. This reduction in investment is a sign of waning investor interest and network usage.

In conclusion, Bitcoin's price decline is attributed to a combination of factors, including options expiry, US PMI data, and Bitcoin ETF outflows. Analysts predict further decline, with a potential dip to $60,000 or lower. However, it's important to monitor resistance levels and on-chain metrics closely for signs of a trend reversal in the near future. As the market continues to evolve, only time will tell if this downturn is a temporary setback or a prolonged bear market.