Bitcoin is trading near $62,561 after defending the $60,000 to $61,000 demand zone during last week’s flush. The coin remains below its 50, 100, and 200 EMAs on the 4-hour chart. Market structure is still technically weak.
Resistance sits firmly at the $63,800 level, the threshold that must be reclaimed for any real momentum to build. A clean break above that zone opens the path toward $67,000 to $69,000. A slide back below $60,000 exposes the $59,000 and $57,500 support levels.
Speaking about the current market conditions, Akshat Siddhant, Lead Quant Analyst, Mudrex, stated, “Bitcoin remains range-bound between $60,500 and $62,500 as markets struggle to build momentum despite the latest US CPI data coming in line with expectations.”
He further added, “While the inflation print reduced concerns of a more aggressive stance and improved risk sentiment, it was not enough to trigger a sustained rally. The key headwind continues to be institutional selling. On-chain data indicates net institutional sales are running at nearly 450% of daily mined supply, equivalent to roughly 2,000 BTC per day. A slowdown in this selling pressure could help Bitcoin reclaim the $65,000 level, while $59,000 remains the key support zone.”
Meanwhile, Riya Sehgal, Research Analyst, Delta Exchange, noted, “Bitcoin is trading near $62,100 after defending the $60,000 to $61,000 demand zone, while Ethereum is stabilizing around $1,640 after a sharp drawdown. The recovery in both assets remains tentative. For Bitcoin, $63,800 is the key level to reclaim.”
She further explained, “ continue to reflect caution, with June 9 seeing outflows from both BTC and ETH spot ETFs. On-chain signals also suggest stress, as whale capitulation and pressure on short-term holders indicate the market may still be going through a final liquidity test before any durable recovery.”
WazirX Market Desk also gave a clear view of the current market scenario, “Bitcoin trades near $62,020, and Ethereum near $1,638, with both assets consolidating as key moving averages remain above current prices. Despite near-term caution, crypto adoption continues to advance, with Walmart’s crypto payment rollout expanding the use of digital assets in everyday retail transactions. On the macro front, US inflation rose to 4.2%, renewing focus on Bitcoin’s fixed-supply design as investors monitor inflation and purchasing power trends.”
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