Bitcoin remains under pressure and trades near $59,237 on the provided hourly chart, staying close to its recent lows after losing the $60,000 area. Fresh reports point to continued weakness in crypto sentiment, with BTC down sharply in 2026 and still more than 50% below its previous peak above $126,000.
Risk appetite remains weak as investors rotate toward AI-linked equities and reduce exposure to crypto assets.
ETF flows and macro pressure
Spot bitcoin ETF outflows remain one of the main bearish drivers. Recent market reports point to several billion dollars of withdrawals over recent weeks, which has reduced institutional support that previously helped BTC rally. At the same time, a more hawkish Fed outlook and concern over higher US rates continue to weigh on speculative assets.
Corporate holders and sentiment
Sentiment was also hurt by concerns around large corporate bitcoin holders, including Strategy after reports of its first small BTC sale since late 2022. The sale itself was limited, but it mattered psychologically because Bitcoin is now trading below Strategy’s reported average cost near $75,699. This keeps pressure on market confidence and makes rallies more fragile.
Technical picture on chart
On the hourly chart, Bitcoin remains in a clear downtrend from the $80,000-$82,000 area, with lower highs and price trading below key moving averages. Current support is near $59,000-$58,500, followed by $57,500. Resistance is located at $60,000-$60,500, then $62,000 and $64,000. Until BTC returns above $60,500-$62,000, rebounds look corrective rather than trend-changing.
Conclusion
Base-case scenario remains cautiously negative: Bitcoin may consolidate around $58,500-$60,500 while traders watch ETF flows, Fed signals, and broader risk sentiment. A break above $62,000, as noted in Bitcoin struggles near $60,000 as ETF outflows pressure sentiment, would ease short-term pressure and open path toward $64,000, but a drop below $58,500 could confirm another leg lower toward $57,500 and possibly $55,000.
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