Bitcoin price prediction: Will $60,142 support hold as BTC drops 2.05%?

Traders Union
All News
Crypto
Bitcoin slides 2.05% today to $61,600

Highlights

Bitcoin ETFs saw net outflows of $113.8 million, with BlackRock’s IBIT alone accounting for $182 million in redemptions, signaling major institutional sell-downs.
Panic-driven selling led to the transfer of 7,600 BTC, worth nearly $480 million, onto major exchanges, intensifying market liquidity strain.
Technical momentum remains negative and probabilities favor a move lower, with BTC forecast to consolidate between $60,142–$63,057 barring a break of key levels.

Institutional redemptions and ETF outflows intensify selling pressure

Bitcoin experienced a surge in ETF outflows, with Cryptotimes reporting that significant institutional redemptions and increased selling pressure contributed to the asset falling below key levels. News Bitcoin detailed that daily ETF net outflows reached $113.8 million, while BlackRock’s IBIT accounted for $182 million of the total, signaling a concentrated effort by major funds to reduce exposure and amplifying pressure on available liquidity. Concurrently, News Futunn observed that approximately 7,600 BTC, representing nearly $480 million, were transferred to major exchanges during periods of panic-driven selling, further elevating the risk of continued market weakness.

Bearish momentum dominates amid conflicting overbought signals

BTC/USD is currently trading above the 20-day moving average at $61,032, but remains below the 50-day at $62,040 and the 200-day at $76,349. The Ichimoku Kijun on the daily chart stands at $61,170, providing immediate technical support. Momentum indicators are negative, with the Moving Average Convergence Divergence (MACD) and Average Directional Index (ADX) both confirming strong selling pressure. The Relative Strength Index (RSI) is at 45.17 and the Commodity Channel Index (CCI) signals a neutral-to-sell bias, while readings from the Stochastic RSI and Bull/Bear Power indicate overbought conditions, suggesting short-term buyer activity in contrast to overall downside momentum. The Awesome Oscillator is neutral intraday, and volatility has been moderate, with price action near the upper end of the daily range. This combination of overbought oscillators and dominant bearish momentum presents a mixed short-term technical picture.

Consolidation likely as downside risk outweighs rebound prospects

Over the next two to three trading days, BTC is expected to consolidate within a typical volatility band between $60,142 and $63,057. Scenarios favor a break to the downside, with a 68% probability of a move lower versus a 32% chance of upside. The baseline expectation is for continued range-bound price action unless resistance above $63,057 is conclusively broken, in which case a short-term rally could develop. Conversely, a daily close below $60,142 would likely accelerate selling momentum and open the way toward deeper declines.

Anton Kharitonov, expert at Traders Union, sees sustained bearish momentum in Bitcoin after heavy ETF outflows and renewed selling pressure. He notes significant institutional redemptions, rising exchange supply, and negative technical momentum indicators all lean toward further downside risk. Consolidation is probable, but the outlook remains fragile as long as $63,057 resists upside attempts. "Until we see a decisive reclaim of resistance or a clear shift in sentiment, caution is warranted and further weakness cannot be ruled out."

Earlier, analysts noted that concerns over treasury liquidity and rising financing pressures could amplify volatility risks for entities with large Bitcoin holdings. The recent surge in institutional outflows and increased exchange transfers now adds to broader market fragility, making a sustained close below the $60,142 level a critical downside trigger for renewed selling momentum.

Source of Data: BTC Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.