Bitcoin Nears $60,000 as Risk Appetite Fades Further
Bitcoin fell below the closely watched $61,000 support level on June 24, extending losses as persistent spot ETF outflows, weakening risk appetite and broader crypto market declines weighed on sentiment.
Summary:
- Bitcoin fell below the key $61,000 support level for the first time in weeks.
- Spot Bitcoin ETFs recorded net outflows of roughly $114 million, led by BlackRock’s IBIT.
- Crypto liquidations exceeded $329 million as market sentiment remained in Extreme Fear territory.
The world’s largest cryptocurrency traded near $60,800 during the session, marking its lowest level in weeks and raising concerns that sellers may target deeper support zones if institutional demand fails to recover.
Bitcoin Breaks Key Support Level
Bitcoin’s move below $61,000 represents a notable deterioration in market structure after the asset spent several sessions attempting to defend the level.
Technical indicators suggest sellers remain in control. BTC trades below all major short-term moving averages, with the 20-period, 50-period, 100-period and 200-period averages clustered between roughly $62,300 and $63,300. That range now represents a significant resistance zone that buyers must reclaim to stabilize momentum.
The Relative Strength Index also remains under pressure. The 15-minute RSI fell near 31, approaching oversold territory and reflecting the intensity of recent selling activity.
While oversold conditions can sometimes precede short-term relief rallies, analysts generally view sustained trading below $61,000 as a bearish development that increases the probability of a move toward lower support levels.
Crypto Market Weakness Extends Beyond Bitcoin
The broader digital asset market also remained under pressure.
According to data from CoinMarketCap the total cryptocurrency market capitalization fell to approximately $2.11 trillion. Market sentiment deteriorated further as the Crypto Fear & Greed Index dropped to 18, signaling Extreme Fear among investors.
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Among major cryptocurrencies, Ethereum traded near $1,645 and remained down more than 6% over the past week. XRP lost more than 10% over seven days, while Solana declined nearly 5% during the same period. Dogecoin fell roughly 11%, and Hyperliquid’s HYPE token dropped nearly 16%, making it one of the weakest performers among large-cap digital assets.
TRON remained one of the few major cryptocurrencies posting weekly gains, advancing approximately 2.5% despite broader market weakness.
ETF Outflows Continue to Weigh on Institutional Demand
Institutional flows remained a major source of pressure.
Recent spot Bitcoin ETF data from FarSide Investors showed approximately $114 million in net outflows, extending a trend that has weighed on market sentiment throughout June. BlackRock’s IBIT recorded the largest withdrawal, with roughly $182 million exiting the fund.
Although several competing ETFs attracted modest inflows, aggregate demand remained negative. Investors continue to monitor whether the recent outflows reflect temporary repositioning or a broader decline in institutional participation.
Liquidations Accelerate as Volatility Returns
Derivative markets reflected growing stress across the crypto sector.
According to CoinGlass data, approximately $329.5 million worth of leveraged positions were liquidated over the past 24 hours. Long positions accounted for more than $262 million of the total, highlighting the extent of bullish bets forced out as prices moved lower.
Bitcoin represented nearly $124 million in liquidations, while Ethereum accounted for roughly $44 million.
The increase in forced selling added to downward pressure and reinforced the cautious tone dominating digital asset markets.
Long-Term Holders Continue to Show Conviction
Despite weaker prices and institutional outflows, long-term Bitcoin holders remain notably resilient.
Recent on-chain data suggests long-term holder selling has fallen to its lowest level in roughly 19 months. The trend indicates that many experienced investors continue to hold their positions despite deteriorating market conditions.
This divergence between short-term institutional selling and long-term holder conviction remains one of the most important themes shaping the current market environment.
The next major test for Bitcoin will be whether buyers can reclaim the $61,000 level. Failure to do so could leave the market vulnerable to a deeper correction toward the psychologically important $60,000 threshold and potentially lower support zones beyond that level.
The information presented in this article is intended for informational purposes only and should not be interpreted as financial, investment, or trading advice. Coinspress.com does not promote or advocate for any particular investment strategy, asset, or cryptocurrency project. Cryptocurrency markets are highly volatile and unpredictable – always perform your own research and seek guidance from a qualified financial professional before making any investment decisions.
Alexander Zdravkov
Reporter at CoinsPress
Alexander Zdravkov is a market analyst and crypto journalist with interests in economics, broader financial markets and digital assets. His journey into crypto began more than four years ago, driven by a fascination with the rapid evolution of blockchain technology and the transformative potential of decentralized finance. He began analyzing market cycles and identifying emerging trends before they reach the mainstream. He holds a degree in International Relations - a background that helped shape his broader perspective on global economics, geopolitics, and the interconnected nature of modern financial markets. Whether covering the latest developments in the crypto sector or exploring broader macroeconomic themes, Alexander focuses on giving readers context rather than simply repeating headlines. During his career, he has authored more than 10,000 articles covering cryptocurrencies, traditional finance, and global market developments. His work spans everything from Bitcoin and altcoins to macroeconomic trends influencing risk assets worldwide.
