Bitcoin fell below the $60,000 threshold last week, recording its steepest weekly decline since the FTX crash in November 2022. The seven-day loss reached 16%. While BTC is trading at around $61,500 in current data, it remains more than 50 percent below its historical peak of over $126,000.
Geopolitical tension increased selling pressure
Sales accelerated further on June 9. US Central Command announced that military operations were carried out against Iran within the scope of “self-defense”. Following this announcement, Bitcoin fell 3% in a short time to $61,766. According to the statement, the operation was carried out as part of the response to the downing of a US Apache helicopter near the Strait of Hormuz.
US President Donald Trump, in his statement on Truth Social, stated that the USA should respond to this attack. Iranian officials rejected claims that the helicopter was deliberately targeted.
According to CoinGlass data, a long position of $ 136 million was liquidated in the cryptocurrency market in the 24 hours following the military statement. Bitcoin transactions accounted for the majority of these forced closures.
Technical thresholds and institutional movements are monitored
Another development that strengthened the weak outlook in the market was that Strategy company, managed by Michael Saylor, sold a small part of its Bitcoin reserves. Although the company soon purchased another 1,550 BTC for approximately $101 million, this selling step shook the “holding” expectation that had long prevailed in the market. Strategy is known as one of the corporate structures that stands out in recent years for holding large amounts of Bitcoin on its balance sheet.
Bitcoin also fell below its 200-week moving average last week. This level, which is closely watched by market actors, may indicate a weaker market phase, according to some analysts.
Mini dictionary: The realized price is an on-chain indicator that reflects the average cost of all Bitcoins on the network when they last moved. Some analysts use this level as a reference in assessing long-term support or a cycle base.
Primal Fund co-founder Griffin Ardern evaluated that the optimistic positioning that is common at market bottoms in long-term option contracts has not yet emerged, so the downward movement may continue.
Small investors buy, big wallets reduce
Santiment data showed a clear divide between small and large Bitcoin holders. Wallets holding less than 0.01 BTC increased their positions by 0.36% in the last two weeks. In contrast, wallets carrying assets between 10 and 10,000 BTC decreased by 0.20% in the same period.
| wallet group | Period | Change |
|---|---|---|
| Below 0.01 BTC | last 2 weeks | 0.36% increase |
| Between 10 and 10,000 BTC | last 2 weeks | 0.20% decrease |
Analyst Ted Pillows stated that the past cycle bottoms in Bitcoin did not occur above the realized price and that this indicator is currently at the level of $ 53,000. According to the analyst, BTC may fall to the $50,000 to $52,000 range before forming a cycle bottom.
The series of outflows continued in spot Bitcoin ETFs traded in the USA. There was an uninterrupted net outflow in these funds for 13 trading days, and the total outflow exceeded 5.5 billion dollars.
