Bitcoin price slid from an intraday high near $64,500 to a low of $61,990 on June 23 before stabilizing around $62,000. The drop coincided with easing Middle East tensions after progress in US-Iran talks and an oil purchase waiver pushed Brent crude to its lowest in nearly three months. A selloff in AI and semiconductor stocks also weighed on risk sentiment, while gold and silver fell as traders unwound defensive positions.
Head-and-Shoulders Confirmed: Measured Target at $57,500
Bitcoin confirmed a bearish head-and-shoulders pattern on the 4-hour chart after breaking below the neckline near $63,000. Using the measured-move projection, the downside target sits around $57,500, implying another ~8% decline from current levels. The move also pushed BTC below a key ascending trendline that supported price action since June 5. Momentum indicators favored sellers: the MACD remains below its signal line with expanding negative momentum, while the Relative Strength Index has dropped toward oversold territory without a clear bullish divergence.
The daily chart shows a similar bearish picture. Bitcoin stays below its Supertrend resistance at ~$68,400 and continues trading under a major resistance zone that rejected buyers throughout June. Although Chaikin Money Flow has turned slightly positive, bulls have failed to reclaim lost technical levels.
ETF Outflows and Negative Coinbase Premium Signal Weak Institutional Demand
US spot Bitcoin ETFs logged one of their longest outflow streaks this year, removing a key demand source that had previously helped cushion selling pressure. Coinbase premium has remained negative, suggesting US investors have been selling rather than accumulating. Meanwhile, expectations that the Federal Reserve could keep interest rates elevated have kept retail investors on the sidelines.
Key Support Zone: $60K-$60.6K Must Hold to Avoid Deeper Correction
Analyst Ali Martinez noted that over 1.3 million BTC changed hands between $60,000 and $63,000, making it Bitcoin's largest volume cluster. He stated: "Immediate support at $60,587 must hold to maintain the current trend. A break below it opens a path to $46,702."
The daily CoinGlass liquidation heatmap shows dense leveraged positions clustered between $63,000 and $65,000, with additional clusters near $61,500 and $60,000. Analyst Ardi pointed out that previous bear markets in 2018 and 2022 produced major June flushes before extended consolidation, suggesting Bitcoin's earlier drop to ~$59,000 may have already fulfilled that pattern. A recovery above the broken neckline near $63,000 would weaken the immediate bearish thesis and expose liquidation clusters around $65,000. However, failure to defend the $60,000-$60,600 support region would put the June low near $59,000 at risk. Below that, technical support becomes scarce until the head-and-shoulders target near $57,500, while deteriorating ETF flows, elevated Treasury yields, and weakness in global risk assets could accelerate downside pressure.