Bitcoin stuck at $59,000: buying demand dries up, while selling pressure intensifies
The leading cryptocurrency is showing alarming signs of weakness, struggling to hold around the $59,000 mark. Buyers are extremely cautious, and the market is clearly under bearish pressure. At the time of writing this review, Bitcoin is trading at $59,300, having lost nearly 6% over the past week. The rest of the crypto market is also in the red, with major altcoins following the flagship downward.
Ether Loses Ground to USDT, and ETFs See Record Outflows
Ethereum has slumped to $1,500, and amid this decline, the coin has ceded the second spot by market capitalization to the stablecoin USDT. The situation is worsened by a prolonged series of outflows from spot Bitcoin ETFs. The negative trend in the funds has continued for the seventh consecutive week, interrupted only by rare and insignificant daily inflows. This suggests that institutional investors are not yet ready to aggressively increase their positions.
Demand for BTC Turns Negative by a Record 273,000 Coins
A key metric confirming the market's weakness is the apparent demand for Bitcoin. From November 9, 2025, to May 31, 2026 (208 consecutive days), this indicator never entered positive territory. In June, it even hit an all-time low, dropping to -273,000 BTC. As analysts explain, negative apparent demand signals that old coins are entering circulation faster than the spot market can absorb them. This is classic selling pressure that outpaces the inflow of new capital and creates strong resistance to price growth.
Short-Term Holders Realize Losses, and RSI Hints at a Correction
Short-term Bitcoin holders continue to incur losses, as the current price does not allow them to break even. This situation is typical of a bearish phase: once the volume of realized losses begins to decline, the market is likely to form a local bottom. Meanwhile, Bitcoin's daily RSI chart is entering oversold territory. The last three times the asset repeated this pattern, a correction of 15-30% followed. Given the current macroeconomic uncertainty and the strengthening of the U.S. dollar index, the risks of further decline remain high.
My comment: The current situation resembles a capitulation phase, where weak hands exit positions while major players gradually accumulate liquidity. However, before the trend reverses, we will likely see another sharp sell-off, which will mark that bottom. The $54,000 level now looks like the most probable target for the upcoming correction.