Bitcoin price crash puts $60K support back in the spotlight

Bitcoin price traded near $61,925 on June 5 as selling pressure kept BTC close to the $60,000 support zone, with ETF flows, whale deposits, and weak sentiment driving the next market test.

Bitcoin price nears $60,000 support

Bitcoin price data from crypto.news showed BTC at $61,925, down 3.44% over 24 hours and 15.82% over seven days. The asset traded between $61,394 and $64,353 during the day, while 24-hour volume stood at $56.21 billion.

The latest move placed Bitcoin just above the $60,000 level. That round number has become the main support zone after BTC lost the $65,000 area and failed to hold earlier ranges near $70,000.

Bitcoin has now 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, with crypto.news data showing a drawdown of more than 50%.

A break below $60,000 would move Bitcoin back into the zone seen during the February drawdown. If sellers keep control below that level, traders may turn to the $55,000 area as the next major support.

ETF outflows and Strategy sale weigh on sentiment

Bitcoin’s latest fall comes as ETF demand weakens. U.S. spot Bitcoin ETFs recently posted heavy outflows.

Fresh ETF data also showed a small $3.05 million daily net inflow on June 4, per SoSoValue. However, that single inflow came after 13 consecutive days of net outflows and did not erase the broader pressure. Total net assets still stood near $80.40 billion, while cumulative net inflows remained strong at $54.27 billion.

Strategy also drew market attention after disclosing its first Bitcoin sale since 2022. The company sold 32 BTC at an average price of $77,135 between May 26 and May 31, raising about $2.5 million for preferred stock distributions.

The sale was small compared with Strategy’s overall holdings. Still, traders watched it closely because Strategy had long acted as a steady corporate buyer during previous market stress.

Michael Saylor framed the weakness as part of a wider capital rotation. He said spot Bitcoin ETFs had seen about $4 billion in outflows since May 14 while capital markets funded AI infrastructure at scale. He called it “a capital rotation, not a Bitcoin impairment.”

Whales move BTC back to Binance

CryptoQuant analyst Darkfost said whale BTC deposits on Binance have accelerated during the June selloff. The analyst defined whales as entities moving more than 100 BTC, equal to over $6 million at current prices.

According to the update, Binance saw whale inflow peaks of about 8,200 BTC on June 2 and more than 6,400 BTC on June 4. The monthly average has also risen from about 1,200 BTC since mid-April to more than 2,800 BTC.

That change shows large holders are moving more coins onto exchanges. Such transfers can signal plans to sell, hedge, or manage risk during a fast market decline.

Darkfost said this behavior looked more like emotional risk management than a planned long-term move. The last time Binance whale inflows reached similar levels was during Bitcoin’s fall below $60,000 in early February.

This adds short-term selling pressure while price trades near a key level. If whale inflows stay elevated, BTC may struggle to reclaim lost support without stronger spot demand.

Sentiment flips as traders watch $55,000

Santiment data showed Bitcoin sentiment turned sharply lower after price fell from the late-May high. The firm said BTC moved from near $78,000 to about $63,800, with most of the decline happening in three days.

Social sentiment was strongly positive near the highs, then turned bearish as price broke down. Santiment said the crowd was most bullish near the top and most bearish near the lower range.

The firm also noted that sentiment is not a timing tool. Still, it said peak fear can sometimes appear near a “potential local bottom.” That wording remains cautious because price has not confirmed a reversal.

Crypto Patel also pointed to lower long-term accumulation zones. He wrote that 2026 to 2027 could become a “potential accumulation period,” with $50,000 to $40,000 acting as a possible spot buying zone if reached.

For now, Bitcoin price analysis remains tied to three levels. Bulls need to defend $60,000 and reclaim $65,000 to ease near-term pressure. Bears need a clean break below $60,000 to open the path toward $55,000 and possibly lower supports.

The next sessions may show whether the current fall is a panic-driven flush or the start of a deeper reset. ETF flows, whale exchange deposits, and Bitcoin’s reaction near $60,000 will likely guide the next move.