Bitcoin Price Climbs as Crypto Sell Pressures Soften
Bitcoin price (BTC) climbed by about 2% over the past 24 hours to $62,756, outperforming a modestly rising broader market, primarily driven by a macro relief rally.
Trading volume, down 18% on the day, signals tight investor sentiment, with $28 billion in transaction value. Bitcoin rallied after the May U.S. Core Consumer Price Index rose 0.2% month over month.
The US inflation surge was below the expected 0.3%, easing market fears of further aggressive interest rate hikes and supporting liquidity-sensitive assets like crypto.
Technical traders hint that BTC’s uptick occurred from a key support area near $59,000, with the 14-day RSI deeply oversold at 23.61, suggesting conditions were ripe for a bounce.
Concurrently, Bitcoin’s market dominance rose to 58.49% from 58.05%, signalling a slight defensive rotation from altcoins. Technical buying amplified the macro-driven move, while rising dominance indicates a risk-off tilt within crypto.
The immediate path hinges on Bitcoin holding the $60,000 level, both psychologically and technically. The next Federal Reserve policy signal is a concrete upcoming trigger.
If bullish momentum continues, the next key resistance is the Fibonacci 78.6% retracement level near $64,009. Bitcoin’s gain is a relief bounce within a broader downtrend, fueled by macro data and oversold conditions.
U.S. spot Bitcoin ETFs recorded a net outflow of $213.85 million on June 10, extending a punishing 18-day losing streak. BlackRock’s iShares Bitcoin Trust (IBIT) led the retreat with a single-day outflow of $148.5 million, while Grayscale’s GBTC saw significant withdrawals.
Analysts link the trend to capital rotating into AI equities and persistent regulatory uncertainty. This is bearish for short-term price momentum, as it indicates waning institutional demand and selling pressure from a major liquidity source.
The sustained outflows suggest a cautious or risk-off stance among traditional finance players. Zcash Price Surges 22% on Rapid Response Security Flaw Fix
