Bitcoin's price has been experiencing significant selling pressure, dropping below the crucial support level of $65,000. Despite the rally in the US stock market, Bitcoin's price has corrected 10% from its June high of $72,000. This underperformance is attributed to several factors.

Firstly, Bitcoin miners have been selling off their BTC holdings, with over 30,000 BTC worth $2 billion liquidated in June so far. This is due to the recent Bitcoin halving, which has increased operational costs and reduced profits. As a result, miners are forced to sell off their BTC holdings to cover their expenses.

Secondly, strong Bitcoin ETF outflows have added to the selling pressure. Over $500 million has been withdrawn from Bitcoin ETFs in the past week, indicating a lack of confidence in the cryptocurrency's future. Additionally, the German government has been selling off its BTC holdings, with 47,000 BTC worth $3 billion still held in reserves.

Thirdly, more than 87% of Bitcoin holders are still in profit, indicating potential for further profit-taking. This means that many investors are still holding onto their BTC, waiting for the price to recover before selling. This could lead to further selling pressure in the short term.

Market analysts believe that Bitcoin's price consolidation can continue until the end of the summer of 2024. The next leg of the Bitcoin bull run is likely to start around September, with major fireworks expected around the US elections.

In the coming weeks, the focus will be on the release of the PCE price next week on Friday, for the month of May. The decline in the core PCE for May already suggests some downside risks for the core PCE index. Additionally, retail sales are expected to face downside risks due to weak sales, while personal income might see an improvement due to stronger-than-expected average hourly earnings.

Overall, Bitcoin's price is expected to continue underperforming the US stock market in the coming weeks due to these factors. However, the next leg of the Bitcoin bull run is likely to start around September, with major fireworks expected around the US elections.