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Bitcoin

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 Bitcoin price fell below $62,000 as the June crypto market correction deepened, with BTC trading near $62,116 after losing roughly 3% over 24 hours. The decline placed Bitcoin close to the psychological $60,000 support level and extended its monthly drop to about 14%.
 The latest move came as selling pressure increased across spot and derivatives markets. Whale deposits to Binance rose sharply during the decline, while Bitcoin exchange-traded funds continued to post large outflows. The market also remained under pressure from reduced liquidity, elevated bond yields, inflation concerns, and capital rotation toward artificial intelligence stocks.
 Bitcoin’s weakness has widened the gap between crypto and U.S. equities. While BTC has fallen during June, the S&amp;amp;P 500 and Nasdaq have continued trading near record highs, with institutional capital moving toward AI-linked equities and upcoming technology listings.
 <h2 id="whale-btc-deposits-on-binance-increase">Whale BTC Deposits on Binance Increase</h2>
 Whale activity on Binance has risen during the selloff. In this context, whales are defined as entities moving more than 100 BTC, equal to more than $6 million at current prices.
 BTC inflows from whales to Binance reached about 8,200 BTC on June 2 and more than 6,400 BTC on June 4. The monthly average of whale inflows on Binance has increased from about 1,200 BTC since mid-April to more than 2,800 BTC, more than doubling within weeks.
 Source: <a href="https://x.com/Darkfost_Coc/status/2062765281269698850?s=20" rel="noopener noreferrer nofollow">Cryptoquant</a>
 Large exchange inflows are often watched because they may signal that holders are preparing to sell or manage risk. The latest rise suggests some large holders have moved Bitcoin back to exchanges during the correction.
 A similar spike in whale Binance inflows occurred during Bitcoin’s drop below $60,000 in early February. That earlier move also came during a period of market stress, although such flows can arrive after much of the selling has already occurred.
 <h2 id="etf-outflows-and-demand-contraction-weigh-on-btc">ETF Outflows and Demand Contraction Weigh on BTC</h2>
 Bitcoin ETF flows have also weakened. Bloomberg analyst Eric Balchunas <a href="https://x.com/EricBalchunas/status/2062501186054307945?s=20" rel="noopener noreferrer nofollow">said</a> Bitcoin ETFs have seen about $4.4 billion in outflows over the past month, pushing the year-to-date flow number negative again.
 Despite the outflows, total lifetime net flows remain positive at about $55 billion. Balchunas noted that BlackRock’s IBIT and some other funds are still positive year-to-date, even after the latest drawdown. He compared the period to difficult phases seen in earlier ETF cycles, while noting that long-term Bitcoin ETF holders have remained more resilient than some prior commodity ETF holders.
 Broader Bitcoin <a href="https://x.com/Darkfost_Coc/status/2062542583688044802?s=20" rel="noopener noreferrer nofollow">demand</a> has also contracted. Spot demand has reached about negative 272,000 BTC on a 30-day basis, while futures demand has fallen to about negative 229,000 BTC. Combined, total demand has contracted by roughly 501,000 BTC, the deepest contraction of the current cycle.
 The futures market has shown short-lived attempts to trade technical rebounds, but those moves have not produced lasting upside. Available liquidity has instead moved toward technology equities, AI-linked stocks, foreign exchange markets and precious metals.
 <h2 id="bitcoin-technical-levels-point-to-60k-test">Bitcoin Technical Levels Point to $60K Test</h2>
 Bitcoin’s daily chart shows price has reached the first major downside target near the February low after breaking below the rising channel that guided trading from February through late May. The channel support near $70,000 was the key level that failed before BTC accelerated toward the $62,000 to $63,000 zone.
 BTC is trading below its short-term moving averages. The 8-day moving average is near $70,062, while the 18-day moving average is near $73,697. These levels now act as overhead resistance. A rebound toward $70,000 to $74,000 could retest the broken support unless buyers reclaim that region.
 Source: <a href="https://x.com/PeterLBrandt/status/2062366699035545805?s=20" rel="noopener noreferrer nofollow">X</a>
 The ADX is at 36.74, showing strong trend conditions. Since the price is moving lower, that reading supports the bearish trend. The ATR near 2,130 shows elevated volatility, meaning sharp rebounds and deeper washout moves both remain possible.
 Immediate support sits around $62,000 to $63,000. If that area fails, Bitcoin could test $60,000. A deeper decline could bring the $58,000-$55,000 range into focus. Analyst Peter Brandt has said Bitcoin reached its initial downside target near the February low but may still move lower before forming a tradable low, with October cited as a possible timing window.
 This dip is, however, bullish. Due to the crash, Bitcoin has also <a href="https://x.com/Barchart/status/2062739337612026297?s=20" rel="noopener noreferrer nofollow">fallen</a> to its 200-week moving average for the first time since 2023. Historically, that area has attracted long-term buyers, but the current setup remains fragile while ETF outflows, whale exchange deposits, and weak demand continue. A recovery would require BTC to reclaim $65,000 first, then rebuild above the $70,000 to $74,000 resistance zone.
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Bitcoin Price Today: BTC Tests $60K After $4.4B ETF Outflows, What Next?

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