Bitcoin has come under heavy selling pressure, with the latest decline triggering a decisive break below the $64,000 area and erasing much of the recovery seen earlier this week. The selloff reflects a broader shift away from risk assets as investors react to rising Treasury yields, persistent inflation concerns, and renewed geopolitical uncertainty in the Middle East.
While spot Bitcoin ETFs continue to attract selective institutional inflows, they have not been sufficient to offset aggressive short-term liquidation across the cryptocurrency market.
At the macro level, investors have become increasingly cautious ahead of upcoming Federal Reserve communications and key inflation data. Market participants are reassessing expectations for monetary policy after stronger than anticipated economic indicators reduced confidence that the Fed will ease policy in the near term. At the same time, elevated oil prices resulting from tensions involving Iran and continued security concerns in key shipping routes have strengthened demand for the U.S. dollar and reduced appetite for speculative assets.
Institutional flows remain constructive but fail to stop liquidation
The longer-term institutional narrative remains intact, with U.S. spot Bitcoin ETFs continuing to record net inflows over recent sessions. However, the current decline highlights that ETF demand alone is not enough to absorb aggressive selling from leveraged traders and short-term investors. Funding rates have softened, derivatives positioning has become more defensive, and liquidation activity has accelerated following the loss of several important technical levels.
Despite the sharp correction, long-term investors continue to monitor institutional accumulation trends rather than short-term volatility. If ETF inflows remain stable after the current wave of liquidation subsides, broader sentiment could gradually improve, although macroeconomic developments are likely to remain the dominant catalyst.
Technical picture deteriorates after major support gives way
The technical outlook has weakened significantly. As the chart shows, Bitcoin has broken below both its short and medium-term moving averages before falling through the important $64,000 support area. The sharp bearish candle suggests that sellers remain firmly in control, while the failure to hold above previous support increases the probability of additional downside in the near term.
The next support is now located around $63,000, which the market is currently testing. A decisive break below this level would expose $62,000, followed by the psychologically important $60,000-61,000 area, where stronger buying interest may emerge. Any rebound toward $64,500-65,000, as written in Bitcoin drops from five-week high as geopolitical risk tests renewed ETF demand, could now attract fresh selling, while only a sustained recovery above this resistance would ease immediate downside pressure and improve the short-term technical outlook.
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