- Bitcoin slipped below $63K after rejection near the $65,500-$66,100 resistance zone.
- Spot Bitcoin ETFs posted $68.18M in outflows as long liquidations topped $161M.
- The $60,000-$61,500 support zone now anchors BTC ahead of the June 26 PCE report.
Bitcoin dropped below $63,000 on Tuesday as technical weakness, institutional outflows, and leveraged selling combined to deepen pressure across the cryptocurrency market.
BTC traded near $62,491 at press time, down 3% over 24 hours, while the global crypto market value fell 3.47% to $2.14 trillion. Ether lost more than 6%, and BNB declined over 4%, while Solana and HYPE each fell more than 7%.
Bitcoin’s $66K Rejection Puts $62K Support Back in Focus
The sell-off began after Bitcoin climbed toward the $65,500 to $66,100 resistance zone on Monday but failed to secure a breakout.
That rejection reversed short-term momentum and pushed the asset below a five-day ascending support trendline established after prices recovered from the $62,000 region.
The breakdown accelerated the retreat toward $62,000, with price action still signaling bearish continuation around that support zone at press time. The zone now represents the market’s immediate technical support.
A return above $65,000 would restore some short-term structure. Meanwhile, continued trading below that level keeps sellers in control following the failed resistance test.
ETF Outflows and $161M Liquidations Deepen Bitcoin Selling
Similarly, institutional demand remained fragile before the decline. U.S. spot Bitcoin exchange-traded funds recorded $68.18 million in net outflows on June 22.
The withdrawals extended a seven-week redemption trend, reducing a major source of spot-market demand during a period of weakening price momentum.
The selling-suggested institutions were lowering exposure before the latest drop rather than absorbing supply during the decline. Once BTC moved below $63,000, stop-loss orders and leveraged positions added further pressure.
Bitcoin long liquidations also reached more than $161 million over 24 hours. Short liquidations totaled about $38 million, showing that bullish positions absorbed most of the forced closures during the market decline.
Oil Drop, Higher Yields, and Strong Dollar Weigh on Crypto
Notably, the crypto retreat followed a sharp fall in crude oil below $73 per barrel after Washington granted Iran a 60-day international oil sales license. Reports also indicated Tehran could regain access to $12 billion in frozen funds under a developing agreement with the United States.
Meanwhile, rising U.S. Treasury yields and a stronger dollar reinforced a defensive environment across risk assets, leaving the crypto market without meaningful macro support. Attention now turns to the $60,000 to $61,500 support range and the June 26 U.S. core PCE inflation release.
Cooling inflation could ease pressure from hawkish Federal Reserve expectations. A stronger reading, nonetheless, would preserve the restrictive backdrop already weighing on risk-sensitive markets.
Related: Bitcoin Price Prediction: Can Bitcoin Hold $60,000 as Selling Pressure Persists?
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
