Bitcoin price could fall faster if it breaks below $60,000 as it spent little time building support in the $50,000 range, analysts say.
A negative trend may drive Bitcoin toward the $50,000 mark faster as BTC▼$61,456.00 didn’t spend too much time trading within the $50,000-$59,000 zone on the way up last year, according to Wintermute, a crypto market maker.
In a Tuesday X post, June 9, the analysts said BTC had already dropped below $62,000, down about 14% on the week and back at levels last seen in September 2024.
“With prior support gone, there’s not much underneath to lean on,” Wintermute said, noting that Bitcoin “never spent meaningful time in the $50-59k range on the way up in 2024, so there are no real technical levels here.”
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The pressure is mostly coming from flows, the analysts said, noting that retail buyers have sold while buying stocks, and institutional investors from the U.S. became bearish in the last few days.
Comparatively, flows across Asia and Europe were balanced, according to analysts at Wintermute. The firm further added:
“The selling is US-led, the same region that carried BTC from $70k to $83k a month ago and is now offloading.”
As of press time, Bitcoin is trading around $62,654, down 0.5% on the day, per Bitcoin Foundation’s price tracking page.
The Next Real Catalyst for Bitcoin Price
Spot Bitcoin exchange-traded funds are showing the same pattern. Wintermute pointed out that U.S. spot Bitcoin ETFs recorded 10 straight sessions of outflows through May 30, the longest streak since launch.
Macro developments have also become unfavorable amid a surprising May employment print of 172,000 jobs versus forecasts of around 80,000.
As Wintermute explained, that kind of data weakens the near-term case for Federal Reserve rate cuts and keeps policy restrictive for longer.
As the analysts argue, the next “real catalyst” is SpaceX’s upcoming June 12 market debut, which may prove whether there is demand left among investors for overvalued AI and growth stocks.
Read more: Bitcoin Price Prediction Markets Turn Bearish as Traders Eye $55K
