Bitcoin fell below $62,000 as the correction in June deepened. BTC, which dropped approximately 3% in the last 24 hours, traded around $62,116. Thus, the monthly loss reached approximately 14% and the price again approached the 60 thousand dollar threshold, which the market closely monitors.
Selling pressure and whale movements
It was reported that the selling pressure in the spot and futures markets increased in the last decline. There has been a significant increase in large-scale Bitcoin transfers, especially towards Binance. During the same period, the money coming out of Bitcoin exchange-traded funds did not slow down. Weaker liquidity, high bond yields, inflation concerns and the shift of capital to artificial intelligence stocks were also cited as factors that increased the pressure on the market.
Whale movements attracted attention in this painting. In the market, whale is generally used for large investors who transfer more than 100 BTC. It was stated that approximately 8,200 BTC was entered into Binance from whales on June 2, and over 6,400 BTC was entered on June 4. Since mid-April, the monthly average whale inflow has increased from approximately 1,200 BTC to over 2,800 BTC.
Mini dictionary: ADX is a technical indicator that measures the strength of the trend, not its direction. ATR, on the other hand, monitors the level of price volatility; An increase in the value may indicate that sharp upward or downward movements may occur more frequently.
High amounts of inflows to the stock markets are often interpreted as investors preparing to sell or wanting to reduce their risk. A similar jump was seen at the beginning of February when Bitcoin fell below 60 thousand dollars. However, it is emphasized that such flows can sometimes occur after a significant part of the sale has been made.
ETF outflows and contraction in demand
Weakening also came to the fore on the Bitcoin ETF front. Bloomberg ETF analyst Eric Balchunas said that there has been an outflow of approximately $4.4 billion from Bitcoin ETFs in the last month and that the total flow has turned negative again since the beginning of the year. However, it was stated that the total net inflow still remained positive at approximately 55 billion dollars.
Eric Balchunas stated that despite the recent decline, BlackRock’s IBIT fund and some other products are still in a positive state since the beginning of the year, but the outflow of approximately 4.4 billion dollars in the last month turned the general picture into negative again.
Broader Bitcoin demand has also seen a significant contraction. On a 30-day basis, spot demand decreased to approximately minus 272 thousand BTC, and futures demand decreased to minus 229 thousand BTC. Thus, the total demand contraction reached the deepest level of the current cycle with approximately 501 thousand BTC.
The divergence with stock markets has deepened
Weakness in Bitcoin has also widened its gap with US stocks. While BTC declined throughout June, the S&P 500 and Nasdaq remained near record levels. It was stated that institutional capital is turning to artificial intelligence-related stocks and upcoming technology public offerings.
Although technical reaction purchases were seen from time to time in the futures market, these movements did not produce a permanent increase. It was reported that the current liquidity in the market has shifted to technology stocks, artificial intelligence-focused companies, foreign exchange market and precious metals.
Critical thresholds in the technical view
On the daily chart, Bitcoin appears to be hanging below the ascending channel that carried the price from February to the end of May. After the loss of channel support at approximately 70 thousand dollars, BTC quickly retreated to the range of 62 thousand and 63 thousand dollars. The price is also below the short-term moving averages. The 8-day average is at $70,062 and the 18-day average is at $73,697, and these areas are now watched as resistance.
While the ADX indicator is at 36.74, this data indicates a strong trend structure. Since the price is moving downwards, the outlook supports a bearish trend. The fact that ATR is around 2,130 shows that volatility remains high and both sharp reaction rises and deeper pullbacks are possible.
In the short term, the first support zone is between 62 thousand and 63 thousand dollars. If this area is broken, the $60,000 level may be retested. In case of a deeper withdrawal, the range between 58 thousand and 55 thousand dollars may come to the fore. Analyst Peter Brandt stated that Bitcoin reached its first downside target, the February bottom, but could move lower before forming a tradeable bottom, with October standing out in terms of timing.
On the other hand, it was stated that the latest decline moved Bitcoin to its 200-week moving average for the first time since 2023. Historically, this area has attracted long-term buyers. However, it was noted that the current structure remained fragile due to ETF outflows, whale transfers to the stock exchanges and weak demand, and that in a possible recovery, first the 65 thousand dollars and then the 70 thousand to 74 thousand dollars band would have to be overcome again.
