Bitcoin back above $60,000 as ETF outflows and hawkish Fed keep weekly losses deep
Bitcoin jumped back above $60,000 after briefly falling to about $59,200, rebounding to around $60,700. Still, Bitcoin is down about 5.4% on the week as U.S. spot bitcoin ETF outflows persist, the Federal Reserve stays hawkish, and the U.S. dollar hits a seven-month high.
The selloff broadened across majors despite a rebound in tech stocks tied to AI. Ether (ETH) slipped to about $1,616, down 7.9% weekly. XRP fell to around $1.07 (down 9.2%). Solana (SOL) slid to about $68. Dogecoin (DOGE) and Hyperliquid’s HYPE were among the weakest, down roughly 11.9% and 11.7% over the week. Tron (TRX) was the only large token higher, up about 1.9%.
Analysts say the key technical area is Bitcoin’s approach to the 200-week moving average, a long-term trend line that has historically preceded prolonged weakness (often viewed as “crypto winter”). A potential near-term decision zone is cited around $61,800–$62,000. If support fails, a move toward $55,000 is described as plausible.
Traders are also watching upcoming U.S. inflation data (the Fed’s preferred price gauge). A hot print could reinforce the hawkish Fed and strengthen the dollar, weighing on Bitcoin; a cooler reading could ease pressure. For now, crypto’s direction appears increasingly driven by ETF outflows and thin demand rather than oil-war headlines or equity rebounds.
Bearish
Despite the intraday bounce back above $60,000, the article frames the dominant driver for Bitcoin as ongoing U.S. spot bitcoin ETF outflows plus a hawkish Fed and a stronger USD—an unusually aligned set of headwinds. That combination historically pressures risk assets and has kept rallies fragile in similar episodes when ETF demand failed to offset macro tightening.
Short term, traders may still get two-way volatility around the cited resistance/support band near $61,800–$62,000. However, the proximity to the 200-week moving average is emphasized as a potential “prolonged weakness” trigger, not a quick bottom. If inflation data turns hot, the hawkish signal could extend the drawdown; if soft, it may spark a relief rally but may not fully reverse the negative ETF flow trend.
Long term, the 200-week moving average warning suggests the market could enter a longer consolidation/“crypto winter” regime if price cannot reclaim and hold key levels. Until ETF outflows stabilize and macro pressure eases, the skew remains toward downside or range-bound behavior rather than a sustained bullish trend.