Bitcoin’s price hovered near $61,925 on June 5, with the $60,000 support zone under threat due to persistent selling pressure. The decline follows a weekly drop of 15.82%, bringing the cryptocurrency closer to a critical psychological level.
The asset has lost the $65,000 area and is now trading far below its October 2025 all-time high of $126,080. A break below $60,000 could open the door to the $55,000 support level, which traders are monitoring closely.
The recent sell-off has been exacerbated by outflows from U.S. spot Bitcoin ETFs, which saw 13 consecutive days of net withdrawals before a modest $3.05 million inflow on June 4. Additionally, Strategy (formerly MicroStrategy) sold 32 BTC for $2.5 million, its first sale since 2022, raising concerns among traders who viewed the company as a steady buyer during volatile times.
Whale activity has also intensified. Data from CryptoQuant shows that deposits of at least 100 BTC on Binance have doubled in June, with peaks of over 8,000 BTC on June 2 and 6,400 BTC on June 4. This suggests large holders are moving coins to exchanges, potentially to sell or manage risk, adding to the downward pressure.
Market sentiment has turned bearish following the sharp decline from $78,000 in late May to around $63,800. Santiment noted that the crowd was most optimistic near the peak and most pessimistic now, though it cautioned that extreme fear sometimes precedes a local bottom. However, price confirmation of a reversal is still lacking.
Some analysts, like Crypto Patel, see lower accumulation zones in the $50,000–$40,000 range for 2026–2027. For now, bulls must defend $60,000 and reclaim $65,000 to ease near-term pressure, while bears need a decisive break below $60,000 to target $55,000 and beyond.