Bitcoin holds $60,000 support as crypto winter fears grow
Bitcoin managed to hold the psychological support level at $60,000 and rebound toward the $63,000 area. Despite a decline in selling activity, the market still lacks new growth catalysts.
Macro uncertainty continues to pressure Bitcoin
The main source of pressure remains weakening institutional demand. U.S. spot Bitcoin ETFs experienced one of their worst weeks on record, posting net outflows of $1.72 billion between June 1 and June 5.
Comparable weekly outflows were last recorded in February 2025.
Another negative factor remains the escalation of the conflict in the Middle East. Investors are generally reluctant to buy risk assets during periods of geopolitical uncertainty.
The cryptocurrency market is also awaiting the release of U.S. inflation data (CPI) on Wednesday. Analysts expect annual inflation to rise to 4.2%, up 0.4 percentage points from the previous month. High oil prices remain the primary driver of inflationary pressure.
Rising inflation is adding to negative market sentiment, as it may force the Federal Reserve to maintain a higher-for-longer policy stance, limiting liquidity across financial markets.
Given Bitcoin's strong correlation with global M2 money supply, the risk of further downside remains elevated.
Technical outlook
From a technical perspective, a classic "dead cat bounce" has formed on the BTC/USD chart. Short- and medium-term traders have taken profits on short positions, while investors have actively accumulated Bitcoin near the $60,000 level.
This support zone is likely to remain the key level to watch in the coming days.
Bitcoin is currently in oversold territory across several momentum indicators, suggesting the potential for a temporary pause in selling pressure, provided the news flow remains relatively calm.
A consolidation range between $60,000 and $66,000 is expected in the near term.
Has crypto winter already begun?
A decisive break below $60,000 could become a strong signal that the market is entering a full-scale crypto winter.
Such a scenario could potentially last until mid-2027, similar to the market cycle that followed the 2022 downturn.
One of the key long-term risks remains Strategy's large Bitcoin position. If the company begins selling a significant portion of its Bitcoin reserves, it could become a true "black swan" event for the entire cryptocurrency market.
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