Bitcoin price nears $60K support on June 5. BTC traded at $61,925, down 3.44% in 24 hours and 15.82% over seven days.
The asset moved between $61,394 and $64,353 during the day. Trading volume reached $56.21 billion.
Why Bitcoin price nears $60K support now
Bitcoin has dropped sharply from last week’s levels above $74,000. The pullback also took BTC far below its October 2025 all‑time high of $126,080. That represents a drawdown of more than 50%.
A break below $60,000 would send Bitcoin back into the zone seen during the February draw down. If sellers keep control, traders may then target the $55,000 area as the next major support.
ETF outflows and Strategy sale weigh on sentiment
U.S. spot Bitcoin ETFs recently posted heavy outflows. On June 4, a small $3.05 million daily net inflow appeared. However, that came after 13 consecutive days of net outflows. Total net assets still sit near $80.40 billion.
Strategy also drew attention after disclosing its first Bitcoin sale since 2022. The company sold 32 BTC at an average price of $77,135, raising about $2.5 million for preferred stock distributions. The sale was small, but traders watched closely because Strategy had long acted as a steady buyer.
Michael Saylor framed the weakness as a capital rotation. He said spot Bitcoin ETFs saw about $4 billion in outflows since May 14 while capital markets funded AI infrastructure.
Whales move BTC back to Binance
CryptoQuant analyst Darkfost said whale BTC deposits on Binance have accelerated. Whales are entities moving more than 100 BTC (over $6 million). Binance saw whale inflow peaks of about 8,200 BTC on June 2 and over 6,400 BTC on June 4.
The monthly average has risen from about 1,200 BTC since mid‑April to over 2,800 BTC. This suggests large holders are moving coins onto exchanges, possibly to sell, hedge, or manage risk.
Darkfost said this looks more like emotional risk management than a planned long‑term move.
Sentiment flips as traders watch $55,000
Santiment data showed Bitcoin sentiment turned sharply lower. The crowd was most bullish near the top and most bearish near the lower range. Santiment noted that peak fear can sometimes appear near a potential local bottom, though price has not confirmed a reversal.
Crypto Patel pointed to lower accumulation zones. He wrote that $50,000 to $40,000 could act as a spot buying zone if reached.
For now, bulls need to defend $60,000 and reclaim $65,000. Bears need a clean break below $60,000 to open the path toward $55,000.
