Overview
- A run into the mid‑$65,000 area on June 23 triggered a sweep of clustered liquidity and forced large futures liquidations that pushed intraday lows into the low‑$62,000s.
- Bitcoin is trading in a narrow $62k–$65k band after the reversal with the low‑$62k area acting as the immediate support being probed by sellers and deleveraging.
- US spot Bitcoin ETFs have recorded ongoing net outflows over recent weeks, removing a major source of institutional demand and adding selling pressure to the market.
- Longer‑term on‑chain measures and moving averages are close to bearish thresholds that would shift focus to realized‑price support around $50k–$54k if the 200‑week average breaks.
- Traders will watch the May PCE print, the quarterly options expiry, quarter‑end liquidity and Fed signals for moves that could either exhaust selling or amplify another liquidation cascade.