The reason behind the decline was the US Employment Situation Summary Report released on June 7, which created general uncertainty in the market. The report stated that more jobs were created in May than expected.

In addition to Bitcoin, Ether (ETH) fell by 3.58 percent, Solana (SOL) by 5.61 percent and Dogecoin (DOGE) by 8.70 percent.

The BTC price fluctuated between $70,000 and $71,662 on June 5 and 6, and some investors had hoped it would approach a new peak.

ETFs are not the only factor in Bitcoin price

Analysts state that Bitcoin price is affected by many factors, not just ETFs, and ETFs are not strong enough to overcome all ecosystem sales for now.

Robinhood to acquire cryptocurrency exchange Bitstamp! Robinhood to acquire cryptocurrency exchange Bitstamp!

Willy Woo, a famous analyst, shared a chart in his X post and said the following:

Bitcoin won't get good things until last-minute degen longs stop chasing the price. If you want to trade long, keep your liquidation safely away from being squeezed by whales.

Editor: Albert Owen