Bitcoin's price has hit a weekly low, plummeting by 2% in the last 24 hours to slip under $68,500. The cryptocurrency's struggles are attributed to traders' growing unease ahead of the Federal Reserve's decision on interest rate cuts.

The Fed's decision to keep interest rates higher for longer is expected, given the strong jobs data reported last week. This could lead to a challenging environment for speculative assets like cryptocurrencies.

Bitcoin's recent struggles are a far cry from its record high of $73,798 in March, driven by inflows into dedicated US exchange-traded funds. However, the cryptocurrency has struggled to achieve new highs since then.

The upcoming inflation data and Federal Reserve outlook on Wednesday could reinforce concerns that interest rates will remain elevated for an extended period, creating a difficult environment for Bitcoin.

Bitcoin analyst Willy Woo notes that the cryptocurrency is currently experiencing a rare miner capitulation, linked to the recent halving event. This process eliminates weaker miners, who subsequently sell off their BTC holdings. According to Woo, the price of Bitcoin typically rebounds following such sell-offs.

However, Woo cautions that before a price surge can occur, there must first be a clearing out of excessive speculative interest in BTC futures markets. "Liquidations need to happen before a pump," he emphasized.

The Bitcoin ETFs recorded their first outflows after 19 consecutive days of strong inflows. On June 10, Bitcoin spot ETFs experienced a total net outflow of $64.9318 million, marking the first net outflow after 19 consecutive days of net inflows.

Grayscale ETF (GBTC) saw a significant single-day outflow of $39.5366 million. In contrast, Bitwise ETF (BITB) recorded an inflow of $7.5910 million, and BlackRock ETF (IBIT) reported an inflow of $6.3433 million.