Bitcoin near $61K as ETF outflows persist and whales sell
Bitcoin is trading near $61K, down ~2.9% on the day, and the downtrend remains dominant. RSI (14) is near 24 (oversold), but MACD is still bearish and analysts say a confirmed bottom is not yet in.
The key pressure is still flows. Spot Bitcoin ETFs have seen net outflows for nine straight days, about $2.97B through late May, while large holders reduce exposure and retail buyers absorb dips. MicroStrategy also sent a negative signal by selling 32 BTC—the first disposal since 2022—despite saying the amount is immaterial.
Institutional messaging is less negative. Kraken’s co-CEO expects most major Wall Street firms to offer Bitcoin and Ethereum soon. Coinbase’s institutional team says sovereign wealth funds and family offices are buying the dip, and Abu Dhabi’s Mubadala increased its allocation to BlackRock’s spot Bitcoin ETF for a fourth consecutive quarter. Total spot Bitcoin ETF assets are still around $100B.
Macro remains a headwind: stronger U.S. job growth reduced near-term odds of Fed cuts, lifting yields and encouraging de-risking.
Trader levels: resistance near $61,914 and $64,202; support near $61,056, then $59,157 and $52,679. For Bitcoin, an upside break with sustained positive flows would help; a daily close below $59,157 increases risk of a move toward $52K. Oversold signals alone are unlikely to form a durable floor without improving inflows.
Bearish
Both articles converge on the same near-term setup: Bitcoin is oversold, but the market’s confirmation is missing. The later update adds more trader-relevant details (ETF outflows lengthening/amount, MicroStrategy’s first BTC disposal since 2022, and clearer resistance/support levels). Persistent spot Bitcoin ETF outflows for nearly two weeks, coupled with whale/large-holder selling, keeps sell pressure dominant and delays a durable bottom. RSI being low can trigger relief rallies, but MACD still bearish and macro (higher-for-longer rates from stronger jobs) likely sustains volatility and de-risking. Longer term, institutional participation appears to be growing (more firms offering BTC/ETH, sovereign wealth and Mubadala adding ETF exposure), which can support the floor if inflows eventually turn positive—but until ETF flow trend improves, short-term trading risk remains elevated for downside breaks.