Bitcoin's Slide Slows, but Bear-Market Pressure Persists as Analysts Eye $62,500 Support

The $60,000 level is more than a psychological round-number threshold. Deribit Chief Commercial Officer Jean-David Péquignot said most ETF buyers, whales and short-term traders who entered the market over the past year have cost bases between $60,000 and $67,000. The strike also has $1.2 billion in open put interest, and a break below it could force market makers to sell for hedging purposes and trigger leveraged liquidations.

U.S. spot Bitcoin ETFs recorded net inflows of $3.05 million on June 5, ending a 13-day streak of outflows totaling $4.4 billion. BlackRock's IBIT attracted $47.66 million. Ether ETFs took in $19.3 million, all through ETHA, ending a 17-day outflow streak. Bitcoin fell as low as $59,060 on June 24, leaving support on uncertain footing.

Bitcoin is widely viewed as a volatile risk asset, and its price often moves in tandem with U.S. technology stocks and the Nasdaq. The $60,000 level is both a key psychological threshold and an important test of whether the bullish structure can endure. Analysts also use the 200-week moving average as a major technical gauge of the long-term trend.

Over a recent weekend, Bitcoin held above $60,000 and showed relative resilience despite a marked decline in the Nasdaq, raising expectations that risk capital could return. Analysts said that if BTC continues to hold firmly above its 200-week moving average, it could first test $70,000 and then potentially reach $92,630.

Bitcoin initially rebounded from its 50-month exponential moving average (EMA) during the 2022 bear market before breaking below the long-term support level. The moving average has therefore become an important dividing line for gauging whether the bear market is deepening. Analyst Rekt Capital believes the 2026 price structure is following almost the same pattern. If Bitcoin first forms a lower high and then loses the level on a retest, the broader downtrend could continue.

TradingView data showed Bitcoin fell to $65,362 on Bitstamp on June 3, its lowest level since early April. Rekt Capital put the 50-month EMA at $66,628. Trader Leviathan identified $60,000 as a critical line of defense, while Killa said Bitcoin could consolidate between $63,000 and $65,000 in the coming weeks, with a break below that range potentially deepening the decline.

Bitcoin has rebounded since falling to its 2026 low of about $60,000 in February, but the market has yet to confirm whether the bear-market bottom is in. The $70,000 level is both a psychological threshold and close to a recent line of support from buyers; a break below it could alter the structure of the rebound. Veteran trader Peter Brandt warned in March that the low could move lower, underscoring divided views on where the cycle will bottom.

Citing CoinMarketCap, Cointelegraph reported on May 30 that Bitcoin was trading at $73,873. MN Trading Capital founder Michaël van de Poppe said a break below $70,000 could send it under $65,000, while holding that level could pave the way for a move above $76,000. He does not expect Bitcoin to set a new low for the year.

Bitcoin retested the $75,000 support zone after failing to clear $78,000, prompting renewed scrutiny of whether earlier bear-market signals are resurfacing. The $75,000–$76,000 range is seen as the near-term dividing line between bulls and bears. A breakdown could weaken investor confidence that the rebound in crypto assets can continue.

Bitcoin failed to break above $78,000 on Tuesday and is now hovering near $75,000. Analyst Tom Lee said the risk of a bear market could rise if Bitcoin remains unable to hold above $76,000 by the end of this month. AI-related tokens RENDER and FET also retreated, while only Hyperliquid and Monero advanced against the broader trend.

The 11 U.S.-listed spot Bitcoin ETFs have become an important gateway for institutional capital entering the crypto market, and their flows are also viewed as an indicator of price support. ETF redemptions, aggressive selling in spot and futures markets, and demand for options hedges are now rising in tandem, suggesting the correction may be more than a pullback after a rally.

Bitcoin fell about 6% from $82,000 to $76,800 and dropped below $77,000 again on May 22. SoSoValue data showed that the 11 ETFs had recorded more than $1.5 billion in outflows since May 7, including $648 million on May 18 alone. Glassnode said spot cumulative volume delta, or CVD, had fallen to negative $126.2 million, with key support at $74,000–$76,000.

Bitcoin cycle bottoms typically require confirmation across several on-chain and derivatives indicators. Realized cap reflects holders' cost basis, RHODL measures the balance between long- and short-term holders, and funding rates capture sentiment in perpetual futures markets. A simultaneous stabilization across all three can therefore provide an important signal.

The latest analysis suggests Bitcoin's selloff to about $60,000 in February may have established a cyclical bottom. Realized cap remained stable at the time, RHODL readings entered a bottoming range and perpetual futures funding rates turned negative. Those signals suggest leveraged long positions were flushed out and that selling pressure may have been released in a concentrated burst.

Bitcoin entered a correction after hitting an all-time high of $126,200 on Oct. 6, 2025, and briefly fell to a 15-month low in early February 2026, marking a maximum drawdown of about 53%. Glassnode data has yet to show a clear reversal signal. Rekt Capital said the current bear market has lasted only about 140 days, shorter than the briefest historical cycle of 365 days.

Bitcoin rebounded to as high as $70,040 on Feb. 25 but failed to hold above the 200-week exponential moving average, or EMA, and its 2021 peak. It fell more than 1% intraday after U.S. stocks opened on Feb. 26, putting $67,000 back in focus. TradingView data showed the price had slipped below the key zone again. Rekt Capital said the 200-week EMA had turned into resistance, leaving Bitcoin at risk of further declines until it breaks above that level.

Bitcoin has held the $67,000 level even as social sentiment fell to its most bearish since late February and the Fear and Greed Index entered “extreme fear,” showing that prices have not deteriorated in step with retail confidence. Morgan Stanley’s approval of a low-fee Bitcoin ETF suggests institutions still view the pullback as a buying opportunity, while ETF demand has also provided important support.

The latest data showed Bitcoin trading at about $67,100. Despite having plunged roughly 50% from its peak, institutional capital has not retreated significantly, and some ETF investors have instead added to their positions on the dip. Morgan Stanley’s newly approved low-fee ETF, together with record Bitcoin ETF inflows in March, has bolstered buying support and underscored the sharp divergence between price and negative sentiment.

Bitcoin has recently traded in a volatile range near $66,000, driven by selling pressure at the U.S. stock market open and expectations surrounding U.S. government tariff policy. Oil’s return to above $100 a barrel has intensified inflation concerns and pressure on risk assets. That has made $65,000 a key battleground between bulls and bears, with a break below it potentially putting the psychological $60,000 level to the test.

As of July 19, 2026, market views compiled by Cointelegraph were sharply divided. Some traders said BTC remained resilient, while analysts described $65,000 as an “entry zone” but warned that failure to hold the level could send the price back to $60,000. Near-term attention is focused on U.S. equities, tariff developments and oil prices above $100 a barrel.