Bitcoin Price Dips to $61.5k as Institutional Risk Appetite Shifts
Bitcoin price (BTCUSD) nosedived to $61,491, underperforming the broader market’s 4.46% decline and was driven primarily by sustained institutional selling pressure.
BTC trading volume fell by 5% to $55 billion as institutional selloffs continue to drag price lower. US spot Bitcoin ETFs have seen a record 10-day outflow streak, shedding over $4.2 billion in three weeks.
Recently, Strategy (formerly MicroStrategy) sold Bitcoin for the first time in nearly four years, a symbolic shift that dented market sentiment. These redemptions force direct market selling, removing a major source of demand.
The foundational institutional support that propelled Bitcoin’s 2025 rally has turned into a persistent headwind. The price drop has triggered over $194 million in Bitcoin liquidations in 24 hours, part of a broader $1.6 billion crypto liquidation cascade.
Technically, Bitcoin broke below its 50% Fibonacci retracement level near $62,889 and trades below all major moving averages. Excessive bullish leverage has been purged, but the technical structure remains bearish, inviting further selling on weakness.
The immediate focus is the $60,000–$61,112 support zone, which aligns with the yearly low. Technical traders reported that a hold above this area could spark a corrective bounce toward the 38.2% Fibonacci resistance at $63,307.
The key near-term trigger is the US jobs report on June 6, which will influence macro sentiment. A break below $60,000 would open a path toward veteran trader Peter Brandt’s measured target near $56,000.
The trend is bearish, but prices are in a historically significant support area where buyer defense often emerges. The confluence of institutional exit, leveraged washouts, and broken technical supports defines the current downtrend. A durable low requires a halt to ETF outflows and a reclaim of key resistance. BTC, ETH, XRP Decline Sharply on $1bn Crypto Liquidation
