Bitcoin is continuing its downward trend and, in early June, dropped to its lowest levels since February. During the first week of the month, prices fell by approximately 15%, with the market coming under pressure from large-scale profit-taking and deteriorating investor sentiment.
Additional downside pressure came from increased volatility following a series of liquidations in the derivatives market, as well as growing caution among institutional participants.
ETF outflows hit record levels
A key driver of the current decline is the persistent capital outflows from U.S. spot Bitcoin ETFs. Recent data shows that investors continue to withdraw funds from crypto-related investment products, significantly weakening market demand. Analysts also point to a reallocation of capital toward the rapidly growing artificial intelligence sector and traditional equities, which have recently shown stronger performance.
Institutional demand weakens, but no panic yet
Despite the negative price action, on-chain data does not indicate mass capitulation among long-term holders. Large investors are reducing activity, but there are no clear signs of panic selling so far. The market appears to be undergoing a cooling phase following a prolonged period of growth, while fundamental network indicators remain relatively stable.
Near-term outlook
The situation for Bitcoin and its holders remains challenging for now. The loss of support around the $63,000 level points to an increased risk of further downside, with a potential test of the psychologically important $60,000 mark. An additional signal supporting the bearish outlook is the formation of a series of lower highs, indicating that selling pressure remains firmly in place.
In the short term, the $63,000 area remains the key level to watch. If buyers fail to defend this support, downside momentum could accelerate, opening the door for a deeper correction.
However, if Bitcoin manages to reclaim and hold above $63,000, market sentiment could improve. In that scenario, the cryptocurrency may target a recovery toward the $64,500 and $65,500 levels, as written in Bitcoin remains under pressure as market awaits new source of demand. For now, the technical picture remains tilted to the downside, and the market's next move will largely depend on whether current support levels can be maintained.
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