Overview
- Price confirmed a break below the rounding-top neckline and is trading around $62,900 after a recent test below $61,000.
- U.S. spot Bitcoin ETFs continued to drain liquidity with roughly $213.8 million in net outflows on June 10 and several billion pulled out over prior weeks.
- Derivatives stress has amplified the move as CoinGlass data show large clusters of leveraged positions near $64,000–$65,000 and forced liquidations wiped out more than $1.7 billion of bets.
- Momentum indicators remain bearish with the daily RSI near 30 and a negative MACD, and a failure to hold $60,000 would open the path to $55,000 and the chart’s measured target near $47,000.
- Broader drivers include recent Middle East military exchanges, a short-lived oil-price spike, and uncertainty over the timing of U.S. rate cuts, all of which have weakened institutional demand and forced some issuers to sell spot BTC.