Bitcoin has confirmed a daily-chart rounding top breakdown after losing the $65,000 support zone, with the pattern projecting a downside target near $47,000. On June 11, BTC traded around $62,900 after a sharp selloff earlier in the week briefly pushed price below $61,000 before a modest rebound.
Pressure is coming from both technicals and flows. U.S. spot Bitcoin ETFs posted $213.8 million in net outflows on June 10, extending the current withdrawal streak to four sessions. That came after a small $3 million inflow on June 4, which had interrupted a longer 13-day outflow run that drained $4.33 billion from Bitcoin investment products. A key source of demand has weakened during the correction.
Chart structure now points to a mid-$40,000 area
The rounding top developed between March and early June, with its neckline sitting near $65,000. That level had repeatedly acted as support before giving way during last week’s decline. Using the depth of the formation, the measured move target comes in near $47,000, implying about 25% downside from current levels.
Momentum signals still favor sellers. The daily RSI is holding near 30, keeping Bitcoin close to oversold territory, while the MACD remains below its signal line with deeply negative readings. Oversold conditions can support short bounces. They have not confirmed a wider reversal.
$64K-$65K acts as resistance while $60K remains exposed
Derivatives positioning shows where the next battles may unfold. CoinGlass liquidation data places large clusters of leveraged positions around $64,000 to $65,000, making that area a notable resistance zone above the market. On the downside, another major liquidity pocket sits around $60,000, a level that could draw price if bearish momentum returns.
The recent selloff already triggered heavy damage in leveraged markets, wiping out more than $1.7 billion in positions. Spot sentiment also deteriorated. Earlier this month, the Coinbase Premium Index turned negative, signaling that U.S.-based investors were selling Bitcoin more aggressively than traders on offshore venues.
ETF withdrawals and macro risks are hitting at the same time
Market sentiment remains fragile as ETF outflows continue and macro uncertainty lingers. The report points to Middle East tensions, oil-price swings, and concerns that capital is rotating into technology stocks and private-market opportunities instead of crypto assets. CNBC host Jim Cramer recently called Bitcoin and gold “bad money” while arguing that investors were reallocating capital toward tech stocks and private opportunities such as SpaceX. Those comments came as Bitcoin was sliding toward the $60,000 region.
Inflation concerns are still part of the picture. If Federal Reserve rate cuts are delayed, speculative assets may stay under pressure, especially if investors prefer cash, Treasury yield products, or technology equities over digital assets.
Traders are watching $61K support and a possible reclaim of $64K
Analysts are now focused on whether Bitcoin can keep holding the $61,000 area. Ted Pillows said Bitcoin was “holding the $61,000 support zone for now,” even as stocks and precious metals recently printed new local lows. Michael van de Poppe said there was no clear decision on BTC’s path yet and argued that technical conditions would remain weak unless Bitcoin reclaimed $64,000.
A sustained move back above $64,000 would weaken the immediate bearish setup and put the former breakdown level back into play. If $60,000 fails, the market could open a deeper move toward $55,000 before the rounding-top target near $47,000 becomes the main focus.