Overview
- Bitcoin traded near $62,000 on Wednesday after a fresh selloff that erased hundreds of millions of dollars in long positions and contributed to $1.1 billion to $1.8 billion in marketwide liquidations over a 24‑hour window.
- U.S. spot Bitcoin ETFs recorded roughly $6 billion in net outflows over the past 30 days, a reversal that removed a key institutional buyer and increased structural sell pressure on the market.
- Technical studies show a confirmed head‑and‑shoulders breakdown and dense on‑chain volume between $60,000 and $63,000—about 1.3 million BTC transacted—with immediate support pegged at $60,587 and a measured downside target near $57,500 if that level fails.
- On‑chain signals are mixed: long‑term holder spending has dropped to its lowest since November 2024, which limits one supply source, while elevated inflows to exchanges, especially Binance, represent roughly $479 million of potential sell-side supply at current prices.
- Traders are watching near‑term catalysts that could widen moves, including Thursday’s U.S. PCE inflation report and a roughly $10.6 billion options expiry later in the week, and analysts’ forecasts diverge from a bullish $100k year‑end scenario to downside calls near $55k.