The price of Bitcoin drops to $60,000 at the beginning of the week.

continued its descent to $60,000 on Monday.

The flagship cryptocurrency's price dropped by more than 4% to $61,211.00, according to Coin Metrics. Earlier, it reached its lowest level in more than a month at $60,666.30. Over the past week, it has fallen by more than 8%.

CoinShares reported that digital asset investment products experienced another week of outflows, with global crypto investment products seeing their lowest trading volumes since the launch of U.S. bitcoin ETFs in January.

"Over the past two weeks, $1.2 billion in outflows from crypto ETFs have been observed, all of which occurred after the FOMC meeting. According to James Butterfill, head of research at a crypto-focused asset management firm, the continued pessimism surrounding the number of rate cuts is contributing to the negative sentiment surrounding crypto. The Fed has indicated that they require additional evidence of inflation falling before they can become more dovish. As a result, any macroeconomic statement that suggests inflation is falling is likely to support prices, while an inflationary date is likely to weigh on prices."

Coincover's head of strategy, Eleanor Gaywood, stated that market jitters frequently occur before the personal consumption expenditure index, which is the Fed's preferred inflation gauge and is due this Friday. She added that indications of a rate cut in September could alleviate investor anxiety and stabilize bitcoin's price.

In the past 24 hours, $97.83 million in long bitcoin liquidations have been recorded on centralized exchanges, as traders are forced to sell their assets at market price to settle their debts.

Bitcoin and other cryptocurrencies experienced a decline, with bitcoin losing 4%, smart contracts platform token falling 3%, payments token slipping 1%, and meme token dropping nearly 5%.

Nearly 4% of equities retreated, while more than 5% declined in premarket trading. Miners experienced a decline across the board.

CryptoQuant predicted that bitcoin could fall back to $60,000 after breaking below the key support of $65,800, as a result of a lack of bullish momentum. The company's on-chain data shows that traders have been reducing their holdings since bitcoin reached $70,000 in late May and have not yet started buying again.

Bitcoin has been on a steady decline since it briefly touched the $71,000 level at the start of June. It has been largely stuck in a narrow range between $60,000 and $70,000 since the middle of March, when it reached its all-time high of $73,797.68.