Bitcoin Below $62K: enish Sells All BTC, ETF Outflows Hit $2.43B, Circle Debuts cirBTC

Bitcoin News

Bitcoin proved the most resilient major after Wednesday's US inflation report, climbing roughly 1.9% over 24 hours to around $62,600 even as headline consumer prices rose 4.2% year over year — the fastest annual pace since 2023. Energy did most of the heavy lifting, jumping 3.9% on the month as the Iran conflict lifted oil, while core inflation, the Federal Reserve's preferred gauge, rose just 0.2%, below the 0.3% forecast. The bounce was shallow and concentrated: while Bitcoin held its 200-week average and slipped less than 1% on the week, leading altcoins such as Ether and XRP remained down 6% to 8% over seven days.

The hottest inflation print in three years has dimmed hopes for near-term rate cuts, with some analysts now floating the possibility of hikes later this year — a backdrop that keeps pressure on risk assets. Bitcoin has fallen roughly 36% since January, while gold has dropped 23% from its January peak and crude oil has surged more than 50% over the same stretch. Strategists argue the data is not encouraging enough to spur Wall Street into meaningfully reallocating toward Bitcoin, warning that escalating tensions over Iran and the risk of summer oil-supply disruptions could keep inflation expectations elevated and leave the asset vulnerable below $60,000.

Demand is eroding from two directions at once. On-chain data shows daily accumulation by digital asset treasury firms has collapsed from repeated bouts of more than $500 million through April and May to a near-negligible trickle this month, removing a key source of marginal buying. The retreat compounds persistent bleeding from US spot Bitcoin ETF products, which posted a $213.85 million outflow on Wednesday and have shed more than $5.72 billion since early May. The twin pullback helps explain Bitcoin's swift descent from roughly $74,000 to below $60,000, even as the largest corporate holder briefly returned to buy around $100 million during the slide.

Several long-term gauges now place Bitcoin in deep bear-market territory. On-chain valuation models show the asset trading near its 200-week average and in the bottom 10% of its historical range — a zone that has only appeared during the most punishing phases of past cycles. Sentiment is equally washed out, with the Crypto Fear and Greed Index sitting deep in extreme fear, down from 48 a month earlier. Analysts caution that bottoms are a process rather than an event: price-sensitive sellers capitulate first, followed by months of grinding, sideways action that slowly wears down the conviction of the holders who remain.

Bitcoin's post-report rebound — a roughly 2.5% pop to about $62,410 immediately after the data landed — owed more to relief than conviction. Because economists had already pencilled in a 4.2% headline reading, the in-line number removed the risk of a hotter surprise and gave traders room to buy back risk. Even so, the recovery remains capped beneath a cluster of short-term technical hurdles, including the 20- and 50-period moving averages, leaving the move short of a confirmed bullish reversal. With momentum fading into resistance, analysts flag elevated odds of another probe below the psychological $60,000 floor before June is out.

Corporate treasuries are also reshaping balance sheets under the strain. Fold Holdings monetized roughly $45 million of Bitcoin at an average price near $71,000, channeling $20 million toward retiring secured, Bitcoin-collateralized debt and $25 million into growth initiatives across its consumer and enterprise platforms. The restructuring — which included repaying about $66.3 million in convertible notes and freeing 521 BTC previously locked as collateral — leaves the firm debt-free on the secured side while preserving a treasury of roughly 1,492 BTC worth about $95 million. Its Nasdaq-listed stock briefly spiked more than 130% on the news before paring gains to around 30%.

COINOTAG's proprietary 42-indicator composite scoring engine (as of 07:06 UTC) rates the $61,913 support at 75/100 — its strongest reading — anchored by the confluence of the S1 pivot, the 0.114 Fibonacci retracement and a high-volume node, while overhead the $66,094 resistance scores 69/100 on Ichimoku Senkou A and the R3 pivot. A nearer $63,400 cap rates 61/100, driven by the Ichimoku Tenkan and a bearish MACD cross. With RSI at 30.46, a bearish MACD and an Extreme Fear reading of 12/100, momentum stays defensive. Derivatives temper the gloom: a positive 0.0041% funding rate, $11.6 billion in open interest and a 1.82 long/short ratio (64.6% long) show leverage leaning bullish. A clean break below $61,913 would invalidate the bounce and open the $59,131 floor, while reclaiming $63,400 is the first hurdle for bulls.