Bitcoin stuck at $59,000: buying demand collapses, while selling pressure intensifies
The first cryptocurrency is showing alarming signals: bitcoin is struggling to hold near the $59,300 mark, losing nearly 6% over the week. The market is clearly under pressure, and buyers are in no hurry to enter positions. At the time of analysis, BTC is trading at $59,300, and the entire altcoin sector is in the red — key coins, including Ethereum, which has slumped to $1,500 and lost its second-place position in market capitalization to the stablecoin USDT, are in a vulnerable zone.
Bitcoin demand has fallen to an all-time low
One of the most alarming indicators is the visible demand for BTC. From November 9, 2025, to May 31, 2026 — for 208 consecutive days — this metric has never shown positive values. Moreover, in June it hit a record low, reaching -273,000 BTC. This means that old coins are entering the market faster than the spot market can absorb them. This mismatch creates strong resistance for the price, as selling pressure significantly outpaces the inflow of new capital.
Short-term holders are at a loss, and RSI warns of a correction
Short-term bitcoin holders continue to realize losses — the price has not allowed them to break even for an extended period. Experts note that this dynamic is typical of a bear market. Once realized losses begin to decline, it will be possible to talk about a bottom forming.
Meanwhile, on the daily chart, bitcoin's RSI is entering oversold territory. The last three times this pattern occurred, the price corrected by 15–30%. This points to a high probability of further decline, possibly to the $50,000–$54,000 range.
Outflows from ETFs and the macroeconomic backdrop
The situation is exacerbated by outflows from bitcoin ETFs — the negative streak in funds continues for the seventh consecutive week, with rare minor daily inflows. This suggests that institutional investors are not yet ready to increase their exposure to the asset. Additionally, the rise in the US Dollar Index (DXY) on June 24 triggered another drop in BTC to $59,000, confirming the crypto market's sensitivity to macroeconomic factors.
My expert opinion: The current situation resembles a classic bear market phase, where the key trigger for a reversal will be either a sharp decline in realized losses among short-term holders or an external macroeconomic catalyst. As long as demand remains negative and the RSI signals oversold conditions, I expect a test of the $54,000–$55,000 levels in the coming weeks. Investors should prepare for volatility, but not panic — such periods often precede strong recoveries.