Bitcoin is trading near the $60,000 mark, testing the $59,000 floor established on June 5 as institutional demand weakens.
The cryptocurrency is facing renewed headwinds from persistent outflows in spot Bitcoin exchange-traded funds, which are exacerbating the broader risk-off sentiment in digital assets.
9% to $63,349, driven by a broad retreat from risk assets amid escalating geopolitical friction between Iran and the United States.
The price action reflects a continuation of the selling pressure that saw Bitcoin break below the $64,000 support level on June 22.
On that day, the asset fell 0.9% to $63,349, driven by a broad retreat from risk assets amid escalating geopolitical friction between Iran and the United States.
The subsequent slide into the $62,000 range indicates that the initial shock from geopolitical tensions has evolved into a more sustained liquidity drain, with ETF investors continuing to reduce exposure.
The convergence of geopolitical uncertainty and institutional capital withdrawal creates a challenging technical environment.