Bitcoin Drops Below $64K Amid Hawkish Fed

Bitcoin's price has fallen below the $64,000 mark, influenced by a hawkish stance from the Federal Reserve and expectations of a potential rate hike. This downturn coincided with significant net outflows from spot Bitcoin ETFs, totaling $82.2 million, with only Fidelity's FBTC seeing a notable inflow. Analysts remain divided on the interpretation of on-chain data, with some suggesting Bitcoin is undervalued relative to its 'True Market Mean' while others believe current levels present a buying opportunity based on historical trends.