Summary of this article
Bitcoin traded around USD 62,500 amid volatility and broader market fluctuations.
Altcoins also declined as macro pressures and ETF flows impacted sentiment.
Experts cited risk-off sentiment, Fed outlook, and institutional flow concerns.
Bitcoin traded in a narrow range amid volatility in the cryptocurrency market. The world’s largest cryptocurrency saw fluctuations across sessions, reflecting ongoing price movement in the sector.
At the time of writing, Bitcoin was priced at USD 62,558.81, down more than 1 per cent on the day and nearly 4.5 per cent over the past week. It also slipped to USD 61,893.21 before recovering slightly. Bitcoin has fallen by more than 12 per cent so far in June, according to CoinMarketCap data.
Other major cryptocurrencies also traded under pressure. Ethereum was priced at USD 1,670.25, down 0.87 per cent in the past 24 hours and 6.34 per cent over the past week.
Binance Coin (BNB) was trading at USD 575.97, declining 0.85 per cent in the day and 4.82 per cent over the week. XRP stood at USD 1.09, down 0.46 per cent in 24 hours and 9.09 per cent over the week. Solana was priced at USD 69.31, slipping 1.14 per cent in the day and 5.04 per cent over the week.
What is Driving the Pullback in the Crypto Market?
Crypto experts pointed to a mix of factors behind the recent price movement across cryptocurrencies.
Nischal Shetty, Founder of WazirX, said, “Bitcoin’s price dip can be linked to a broader risk-off move in global markets, led by a sharp selloff in US tech stocks.”
He added that a slowdown in ETF inflows reduced buying support as capital shifted toward high-profile equity markets.
Prateek Gupta, Head of Business at Mudrex, noted that the current decline appears to be driven more by broader risk-off sentiment and profit booking than by panic selling. He added that the fear of a potential US Federal Reserve rate hike amid rising inflation and hawkish policy signals also weighed on sentiment.
On the Ethereum price decline, Prateek said the downward trend in Ether is in line with the broader market. He said, “The Ethereum Foundation’s ETH holdings have dropped to a six-year low amid a treasury decline, reducing investor confidence.” He added that continued outflows from spot Ethereum ETFs have also reflected weakening institutional demand.
What is the Outlook for Bitcoin Price?
Bitcoin’s near-term movement is likely to remain influenced by broader macroeconomic and equity market trends.
Nischal Shetty, Founder of WazirX, said, “If Nasdaq stabilises and ETF inflows improve, prices could find support and rebuild momentum. However, continued weakness in tech stocks or tighter rate expectations may keep pressure on.”
He added that the near-term range is seen between USD 60,000 and USD 61,000, while a recovery above USD 64,000 to USD 65,000 would indicate a reclaim of resistance levels.
