Bitcoin has further expanded this fall. After the price fell near $6.38 million, the leverage piled up, and the spot bitcoin ETF made a large net outflow for two days, and the market shorts began to see $60,000 as an important next support.

At present, BTC reports US$ 62,724, with a fall of 1.7 per cent for 24 hours. Citing Coinglass and ETF data on financial flows, the article states that price weakness is not driven by a single factor, but is accompanied by technical failure, the liquidation of derivatives and the withdrawal of institutional funds.

Broken, $6.38 million, pushed up.

It is mentioned that between $6.36 million and $6.38 million would have been an important support area for bitcoin short-lines and at the bottom of an upper structure. After the region's failure, the pre-existing short-line bias was destroyed and the market turned to greater prudence.

Prices have also fallen by the previous upward trend, indicating a decrease in short-line purchasing power. If it is not possible to return to the area afterward, the market may continue to explore, with the next focus area shifting to between $60,000 and $593 million.

24-hour liquidation over $300 million

The chain reaction of the derivatives market accelerated the decline. The Coinglass data show that, over the past 24 hours, the total amount liquidated in the encrypted market exceeded $303.66 million, with many of the settlements reaching $258.53 million, a significantly higher percentage.

  • 24-hour total liquidation of approximately $304 million
  • Of which, multiple liquidations of about $259 million
  • The current BTC price is about US$ 62,724

This means that there are still more financial stakes in the market that continue to rise until prices fall critical support. When the support position was pierced, the forced silo brought additional sales pressure, further magnifying fluctuations.

Cash ETF, two days in a row.

In addition to the withdrawal of leveraged funds, the institutional funding landscape is also weakening. According to the article, the spot bitcoin ETF net outflows amounted to $216.8 million on 17 June and $389.5 million on 18 June, bringing the total to nearly $606 million in two days.

  • Net outflows on 17 June
  • June 18, net outflow $389.55 million
  • 2 days total net outflows close to $606 million

Previously, the continued net inflow of ETF once provided a stable off-the-shelf support for Bitcoin. Today, successive outflows show a shift in prudential attitudes on the part of some institutional investors, which also weakens the market ' s capacity to absorb at the recall stage.

Overall, $60,000 has become the focus of short-term markets. If the region continues to fail, the recall may be further expanded; if the buyout recovers in this area, market sentiment will have an opportunity to stabilize gradually.