Bitcoin has begun to recover following one of the largest sell-offs in recent months. In early June, the price briefly dropped below the $60K level amid record outflows from spot ETFs, long position liquidations, and rising uncertainty in global markets. However, by the beginning of this week, BTC returned above $62–63K, indicating sustained demand at key support levels.
Etfs remain the main market driver
A key factor behind the pressure on Bitcoin was record outflows from U.S. spot ETFs. Over recent weeks, investors withdrew several billion dollars, intensifying selling pressure and accelerating the correction. At the same time, analysts note that institutional flows now have a significantly greater impact on market direction than retail investors. Early signs of renewed inflows into ETFs have already supported the current recovery, though the sustainability of the move will depend directly on continued institutional demand.
Investors maintain long-term optimism
Despite a nearly 15% decline in the first week of June, on-chain metrics do not show signs of массовой капитуляции among Bitcoin holders. Large market participants continue to accumulate the asset, while fundamental drivers — including ETF infrastructure development, corporate purchases, and ongoing institutionalization of the crypto market — remain intact. This leads many analysts to view the current correction as a consolidation phase rather than the start of a long-term bearish trend.
What matters for the next move
In the coming weeks, market attention will focus on ETF capital flows, U.S. macroeconomic data, and sentiment among large investors. After successfully defending the $59–60K zone, Bitcoin has gained a chance to extend its recovery. However, experts still view the current rebound as cautious, noting that confirmation of a new uptrend will require a firm break above key technical levels along with sustained institutional inflows.
Near-term outlook
A move back above $60K and a break of the $62.8K resistance could ease bearish pressure, but the inability of bulls to clear the $63.6–64.2K resistance range signals ongoing risks of renewed downside. Losing support around $62.8K could lead to a decline toward $62–61.6K at minimum, while a breakout above resistance would open the path toward $65K.
As I noted in Bitcoin declines as investors reduce long positions, news from the Middle East may trigger volatility spikes, but it is no longer having a significant impact on Bitcoin’s overall price dynamics.
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