Bitcoin near $61K as ETF wahala continue and big whales dey sell
Bitcoin dey trade near $61K, don drop about 2.9% for the day, and the downtrend still dey dominant. RSI (14) dey around 24 (oversold), but MACD still bearish and analysts talk say confirmed bottom never yet show.
Main pressure still na flows. Spot Bitcoin ETFs don get net outflows for nine days straight, about $2.97B through late May, as big holders dey reduce exposure and retail buyers dey absorb the dips. MicroStrategy still give negative signal by selling 32 BTC — the first disposal since 2022 — even though dem talk say the amount no too matter.
Institutional messaging no too negative. Kraken co-CEO expect say most major Wall Street firms go offer Bitcoin and Ethereum soon. Coinbase institutional team talk say sovereign wealth funds and family offices dey buy the dip, and Abu Dhabi’s Mubadala don increase allocation to BlackRock’s spot Bitcoin ETF for the fourth quarter in a row. Total spot Bitcoin ETF assets still around $100B.
Macro still one gbege: stronger US job growth reduce near-term odds of Fed cuts, raise yields and make people de-risk.
Trader levels: resistance near $61,914 and $64,202; support near $61,056, then $59,157 and $52,679. For Bitcoin, upside break with sustained positive flows go help; daily close below $59,157 increase risk of move toward $52K. Oversold signals alone no likely to make a durable floor without better inflows.
Bearish
Both articles dey yan same short-term setup: Bitcoin don oversold, but market confirmation never show. Di later update add more trader-relevant details (ETF outflows don long/amount, MicroStrategy don sell BTC first time since 2022, and clearer resistance/support levels). Persistent spot Bitcoin ETF outflows near two weeks, plus whale/large-holder selling, keep sell pressure strong and dey delay durable bottom. Low RSI fit trigger relief rallies, but MACD still bearish and macro (higher-for-longer rates from stronger jobs) likely keep volatility and de-risking. Long-term, institutional participation dey grow (more firms offering BTC/ETH, sovereign wealth and Mubadala add ETF exposure), which fit support the floor if inflows finally turn positive—but until ETF flow trend improve, short-term trading risk remain high for downside breaks.