Bitcoin fell to $62,000: selling pressure eases, but the market awaits fresh money
On June 19, the price of the leading cryptocurrency crashed to $62,000, losing about 3% in a day. Ethereum also failed to hold, dropping below $1,700. The correction occurs amid renewed geopolitical uncertainty in the Middle East, where the U.S. Vice President postponed a trip to Switzerland to sign an agreement with Iran, and the IDF struck targets in southern Lebanon. Notably, oil prices continue to decline despite these events.
Liquidations and ETF Outflows: Pressure on the Market
Over the past 24 hours, the volume of liquidations in the crypto market reached $460 million, with the lion's share coming from long positions. Additional pressure comes from ongoing outflows from spot Bitcoin ETFs. Negative dynamics in these funds have been observed since mid-May, with rare spikes in inflows. On June 18 alone, investors withdrew $90 million from the products. The Crypto Fear & Greed Index plummeted to 14 points, signaling "extreme fear" in the market.
Analysis: Seller Pressure Eases, But the Problem Lies Elsewhere
Despite the current decline, there are positive signals. Analysts at CryptoQuant point to a simultaneous decrease in Bitcoin inflows to Binance and Coinbase from medium-sized investors (holding between 100 and 1,000 BTC). Inflows to these exchanges have fallen to levels seen in late February, and on Coinbase Prime — to early April lows. This suggests that seller pressure has significantly weakened, which is a positive signal for short-term prospects.
"The simultaneous decline in exchange inflows is a key indicator. When investors stop moving coins to exchanges, the market can expect reduced selling and profit-taking," experts note.
However, as technical analyst Axel Adler Jr. rightly pointed out, the real problem lies elsewhere: fresh capital is not entering the market. The inflow of new investors has turned negative, standing at about -$1.2 billion. Bitcoin is currently being sustained solely by old investors, not new demand. This means that for sustainable growth, the market needs not just stable prices, but an influx of new liquidity.
My expert opinion: The situation resembles a classic accumulation phase after a sharp decline. The easing of seller pressure is the first step toward recovery, but without an inflow of new capital, we risk getting stuck in a sideways trend for several weeks. The key support level at $58,000 remains the last line of defense for bulls. If it holds, the market can begin consolidation and preparation for a new rally.