Bitcoin fell to $62,000: selling pressure is easing, but the market is waiting for new money
On June 19, the price of the first cryptocurrency corrected to $62,000, losing about 3% in a day. Ethereum also failed to hold, dropping below $1,700. The correction coincided with another round of geopolitical tensions: US Vice President JD Vance postponed a visit to Switzerland planned for signing an agreement with Iran. Additionally, the IDF struck targets in southern Lebanon, hindering a ceasefire. However, despite this, oil prices continue to decline, falling throughout the week.
Liquidations in the crypto market over the past 24 hours totaled $460 million, with the majority coming from long positions. The market is also under pressure from ongoing outflows from spot Bitcoin ETFs. Negative dynamics in these funds have persisted since mid-May, with only rare days seeing minor inflows. On June 18 alone, investors withdrew $90 million. The Crypto Fear & Greed Index has dropped to 14 points, signaling "extreme fear."
Analysis: Signs of Weakening Seller Pressure
However, the situation is not entirely clear-cut. CryptoQuant contributor Amr Taha pointed to an important signal — a synchronized decline in Bitcoin inflows to Binance and Coinbase from medium-sized investors (holding between 100 and 1,000 BTC). "A simultaneous decrease in exchange inflows is often interpreted as a sign of potential selling or profit-taking. When investors transfer BTC to exchanges, the market typically watches for possible seller pressure," Taha comments. Inflows to Binance and Coinbase have dropped to levels seen in late February, while the Coinbase Prime indicator has fallen to its lowest since early April. This makes the recent decline more positive for Bitcoin's short-term prospects.
Technical analyst Axel Adler Jr. confirms that the first cryptocurrency is still holding the key support level at $58,000. However, in his view, the real problem lies elsewhere: "New investor inflows have turned negative, at around -$1.2 billion. Bitcoin is now in the hands of old investors, not benefiting from new demand." This suggests that the market is being sustained by the "old guard," while fresh capital is not entering.
My analysis: the weakening of seller pressure from medium-sized investors is a positive but insufficient signal for a trend reversal. Until the market sees an influx of new capital and stabilization of ETF outflows, any recovery will be fragile. The key level of $58,000 remains the last line of defense, and a break below it could trigger a new wave of sell-offs.