Bitcoin remains under strong selling pressure after losing the key psychological level of $60,000 and retreating to trade around $59,300.
This move suggests that short-term demand remains relatively weak, while market sentiment toward risk assets, especially cryptocurrencies, has yet to stabilise convincingly.
One of the most notable sources of pressure comes from spot Bitcoin ETF flows. Bitcoin ETFs have continued to record net outflows for seven consecutive sessions, extending the outflow streak to seven weeks with a total value of nearly $7.78 billion. Last week alone, net outflows reached almost $1.79 billion.
As institutional flows reverse and remain negative for an extended period, the pressure on Bitcoin becomes more evident, especially as the market has yet to see a strong enough catalyst to attract fresh buying demand.
In addition to fund flow pressure, Bitcoin is also facing an unfavourable monetary policy environment.
The Fed continues to keep interest rates unchanged while maintaining a cautious stance, pushing back expectations for policy easing. For an asset that is highly sensitive to liquidity conditions like Bitcoin, the prospect of higher rates for longer tends to reduce the appeal of speculative positions, while encouraging investors to favour assets with more stable cash flows or lower volatility.
A strong U.S. dollar is also acting as an important headwind. The DXY remains around the 101.0 level, indicating that demand for the dollar is still elevated. When the greenback stays strong, pressure often increases on USD-denominated assets, including Bitcoin. This makes BTC’s recovery attempts less sustainable, especially as ETF flows have yet to show any clear signs of a positive reversal.
Overall, current conditions still lean toward continued pressure on Bitcoin in the short term. The loss of the $60,000 level is not only technically significant but also reflects weakening market sentiment, as this psychological support zone had helped underpin the cryptocurrency since February. If Bitcoin fails to quickly reclaim and hold above the $60,000–$61,000 area, the correction could extend further, with the $55,000–$56,000 region becoming the next key support area to watch.
Conversely, if selling pressure from ETFs slows and the U.S. dollar cools, Bitcoin could see a technical rebound. However, as institutional flows have yet to show a clear reversal, any recovery is more likely to remain a short-term corrective move rather than confirmation of a sustainable uptrend. Therefore, Bitcoin’s outlook at this stage should still be viewed with caution until price reclaims the lost support zone and fund flows turn more positive again.