Bitcoin Price Prediction: BTC Tests $60,000 as $1.35 Billion ETF Outflows, Weak STH Momentum, STRC Discount and Bearish Technical Setup Keep $55,000 Support in Focus After 7% Weekly Slide
Bitcoin (BTC) remains under heavy selling pressure, falling over 7% so far this week. At the press time, BTC trades at $59,930 with a decline of 2.54% in the last 24 hours and has also fallen to a fresh yearly low near $58,115.
Bitcoin Spot ETFs Witnessed 7th Consecutive Week of Outflows
According to data from SoSoValue, spot Bitcoin ETFs recorded a seventh straight week of outflows, as investors continued to steadily pivot out of crypto.
ETFs marked an outflow of $1.35 billion this week, with outflows once again picking up after a brief quiet over the past two weeks.
The figures pointed to weakening institutional and retail appetite for crypto, amid global uncertainties.
Investors’ capital has rotated toward the artificial intelligence (AI) stocks amid growing optimism over the technology.
Short-Term Holder Momentum Shows Weakness
According to CryptoQuant, the Short-Term Holder (STH) Realized Price Year-on-Year Momentum has declined from around -2.4% in mid-March to approximately -24%.
This suggests that newer market participants have been entering at substantially lower price points than they did a year earlier.
However, the firm pointed out that the latest reading is still less extreme than levels typically seen during prior bear-market reset phases, when the indicator has historically fallen between -55% and -65%.
STRC Weakness Clouds Strategy’s Bitcoin Accumulation Plans
Arkham observed that STRC has traded about 25% below its $100 par value, a discount it said reflects investor doubts about Strategy’s capacity to maintain its $1.2 billion in annual dividend payments rather than signaling an immediate failure of the instrument.
The yield on STRC has continued to increase as demand has weakened, which could increase the cost of capital for Strategy going forward. This could lead to lower buying capacity for Bitcoin, which could impact the company’s institutional demand.
Alex Blume, Founder and CEO of Bitcoin asset management firm Two Prime, said that Strategy’s recent downtrend is reminding investors of the past corrections. “The recurring issues at Strategy are unsettling the market and evoking memories of previous major crises in the cryptocurrency space.”
Also Read: Bitcoin Halving Explained: How it Impacts Price and Supply
Technical Structure
BTC price trades at $59,930, recovering slightly after reaching a fresh yearly low on June 25. The near-term bias remains bearish as the leading cryptocurrency is well below the 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs) at $67,863, $71,246, and $77,115, respectively.
BTC recently bounced from oversold territory, with the Relative Strength Index (RSI) currently at 33. The Moving Average Convergence Divergence (MACD) has fallen near the zero area, suggesting fading recovery momentum.
Initial resistance is now at the February low close at 62,795, with near-term bearish invalidation now lowered to the June 15 swing high at 67,253. A weekly break close below this support zone would threaten the 2025 decline at $52,204 and the August 2024 swing low at $49,577.
On the downside, the next notable support is seen at $55,000, where buyers could attempt to slow the decline if selling pressure extends.
Disclaimer : Crypto News India does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
