Bitcoin is currently trading at $64,113.63, reflecting a 0.93% decline over the past 24 hours. This performance undercuts a slightly weaker broader market, a discrepancy primarily driven by persistent institutional selling through ETF outflows and prevailing macroeconomic uncertainty. The asset continues to show a strong 52% correlation with the S&P 500, suggesting that movements are largely driven by interest rates and dollar strength. The primary catalyst for this downturn is sustained capital flight from regulated products, evidenced by five consecutive weeks of institutional redemptions totaling over $4 billion globally. This institutional de-risking is compounded by macro fears, including proposed global tariffs and sticky inflation, which have soured sentiment toward risk assets like crypto. Consequently, institutional demand, which serves as a key pillar of the current cycle, is currently absent, leaving the market vulnerable to further selling pressure.
Beyond institutional flows, the market is grappling with miner stress and technical weakness. Bitcoin’s mining electrical cost has fallen to approximately $53,500, down significantly from previous highs, indicating that weaker miners are exiting the network. While this may ease long-term supply pressure, it raises the risk of near-term selling if these miners liquidate holdings to cover costs. Technically, BTC is trading below its 200-day moving average of roughly $66,914 with a neutral RSI, confirming a bearish structure where the market lacks a strong technical floor. This combination of factors means that miner selling could amplify downside moves in the absence of strong buy-side support.
The near-term market outlook hinges critically on the $60,000 support level. If buyers can defend this position, Bitcoin is likely to consolidate between $60,000 and $69,000, provided there is a sustained halt in ETF outflows. However, a break below this threshold risks a flush toward $55,000, specifically within the $54,900 to $56,000 cluster aligned with aggregate realized price and miner costs. Ultimately, the market remains in a fragile equilibrium with high sensitivity to macro headlines. The key question facing investors is whether Bitcoin can defend the $60,000 level against another week of ETF outflows or if miner and macro selling will trigger a deeper correction. A daily close below $61,000 would significantly increase capitulation risk, signaling that the bearish pressure fueled by a lack of institutional bids may continue to dominate the landscape.
Source:: Institutional Exit and Miner Stress Put Bitcoin’s $60K Support to the Test