BlockBeats News, June 28th. Bitcoin fell below $60,000 over the weekend, with a cumulative weekly decline of about 7%. As the second quarter comes to a close, Bitcoin is expected to see a quarterly decline of about 12%, following a previous quarter's drop of around 22%, potentially setting a rare record of two consecutive quarters of decline in history.

Meanwhile, altcoins have seen larger declines than Bitcoin. Ethereum dropped by about 9.5% in the past week, Dogecoin fell by 11.7%, HYPE dropped by 10.6%, XRP fell by 8.7%, Solana declined by 3.5%, and TRON saw a drop of around 1.5%.

Analysts believe that the current market pressure is mainly due to multiple factors, including funds continuing to flow into AI-driven semiconductor and storage chip sectors, continuous outflows from the U.S. spot Bitcoin ETF, the Fed maintaining a hawkish stance, and the U.S. dollar index staying at a high level. The market will focus on ETF fund flows and whether demand improves in the third quarter to assess whether the crypto market can break away from the downtrend in the first half of the year.