Bitcoin struggles at $61K amid ETF outflows, volatility

Bitcoin trades near $61,000 after its worst week since FTX, pressured by US-Iran tensions, ETF outflows, and inflation. Analysts eye $65,000–$66,000 as resistance and $58,000–$60,000 as support.

Bitcoin has faced heightened volatility, recently dropping to around $61,000 amid escalating US-Iran tensions, persistent ETF outflows, and broader macroeconomic pressures. The cryptocurrency recorded its steepest weekly decline since the FTX collapse, falling roughly 16% over seven days. A brief rebound followed the US May CPI report, which showed a 4.2% annual increase and softer-than-expected core inflation. However, Bitcoin remains under pressure as spot Bitcoin ETFs have seen 13 consecutive sessions of net outflows, totaling over $5.5 billion, signaling waning institutional demand. Analysts identify the $65,000–$66,000 range as the next resistance and $58,000–$60,000 as critical support. While Bitcoin’s ability to stay above key moving averages offers some stability, ongoing geopolitical risks and inflation concerns continue to weigh on market sentiment. Over half of the circulating Bitcoin supply is now held below cost basis, indicating many holders are at a loss.