Bitcoin Steadies Near $62K After Sub-$60K Test as ETF Outflows Reach $2.97B

Bitcoin News

Bitcoin briefly probed below the $60,000 mark this week before steadying in a $62,000 to $63,000 band, leaving the largest cryptocurrency roughly 10% lower over seven sessions. The recovery off the lows looks more like base-building than a confirmed reversal, with momentum indicators across the broader market sitting deep in oversold territory. Buyers stepped in near the round-number support, yet the dominant trend on higher timeframes remains pointed downward. Traders are treating the bounce cautiously, watching whether the $60,000 floor holds on a closing basis or whether a fresh wave of selling drags spot back toward lower liquidity pockets carved out during the slide.

Persistent ETF redemptions have become the dominant price driver. US spot Bitcoin ETFs logged their longest outflow streak on record, with cumulative net redemptions reaching roughly $2.97 billion through May 30. With no fresh inflows offsetting the bleed, market makers note that direction is now dictated largely by capital flows rather than clean technical levels. Because Bitcoin never built a thick support shelf between $50,000 and $59,000 during the 2024 advance, participants are leaning on ETF flow data and liquidity conditions instead of chart structure. The pullback was framed as US institutional de-risking, not retail panic, sharpening focus on whether redemptions ease.

On-chain data paints a split picture among holders. Smaller wallets have been accumulating through the decline, while cohorts holding between 10 and 10,000 BTC trimmed exposure over the past two weeks, adding supply into weak bids. The divergence underscores how larger entities are managing risk even as retail tries to catch the dip. Binance founder Changpeng Zhao urged calm, telling investors not to panic and arguing Bitcoin would not stay suppressed for long. His message landed amid jittery derivatives positioning and thinning order books, where a single large liquidation can amplify moves and accelerate the kind of cascade that defines an extended drawdown.

Corporate treasury behavior added another layer of caution. Strategy, the software firm formerly known as MicroStrategy and famous for its outsized Bitcoin balance sheet, sold 32 BTC for the first time since 2022. The company dismissed the transaction as immaterial, yet its timing during an active outflow window drew outsized attention. Context matters: Bitcoin remains more than 50% below its October 2025 peak above $126,000, meaning even committed long-term holders are nursing a deep mark-to-market gap. The disposal, however small, reinforced a narrative of fading conviction at the margins and gave bears a fresh talking point as confidence wobbled across the digital-asset complex.

Macro headwinds compounded the pressure. US nonfarm payrolls rose by 172,000 in May, far above the roughly 80,000 economists had penciled in, while April's figure was revised up to 179,000. The stronger labor print lifted bond yields and dimmed expectations for a near-term Federal Reserve rate cut, squeezing risk assets broadly. Geopolitical risk piled on after US forces launched strikes against Iran following the downing of an Apache helicopter over the Strait of Hormuz, rupturing a fragile ceasefire. Risk aversion swept markets, with Bitcoin sliding below $62,000 alongside reactive moves in gold and oil as investors rotated toward perceived safety.

The selling spread aggressively into major altcoins, where oversold readings stacked up. XRP broke down from a descending triangle and lost the $1.28 to $1.30 support shelf, a failure that triggered stop runs and liquidations and dragged price toward $1.10 before stabilizing near a $1.15 to $1.18 base. Shiba Inu cracked the rising channel that had supported it since March, sinking to around $0.0000045 with RSI pinned between 27 and 30. Dogecoin lost its February uptrend line and slid to roughly $0.085. Across all three, prices sit below the 50-, 100- and 200-day moving averages, capping rebound potential.

COINOTAG's proprietary 42-indicator composite scoring engine rates the $61,775 resistance at 80/100, the strongest overhead barrier, built on the confluence of the prior-day close and the R1 pivot, with the $64,206 level scoring 73/100 via Fibonacci 0.214 and the volume point of control. On the downside, the $59,130 support scores 79/100, anchored by a Fibonacci base and Donchian lower band. Derivatives skew bullish—funding holds positive at 0.0032% and the long/short ratio sits at 2.13 (68% long)—a crowded posture vulnerable to a squeeze. With RSI at 23.54, a bearish MACD and a 9/100 Extreme Fear reading, a close below $59,130 would invalidate the recovery thesis and open $57,082.