Bitcoin Price Faces Critical Test as $60K Support Zone Comes Under Pressure

Bitcoin's price decline has been attributed to a combination of factors, including record-breaking ETF outflows, aggressive long liquidations, and weakening institutional demand.

The world's largest cryptocurrency fell by over 6% in the past 24 hours, reaching a low of $66,800. This decline wiped out billions of dollars from its market value and dragged the broader crypto market down with it.

One of the primary drivers behind Bitcoin's recent weakness is an unprecedented wave of ETF redemptions. U.S. spot Bitcoin ETFs have experienced net outflows for 10-11 consecutive trading days, with approximately $2.8 billion to $3.5 billion in cumulative outflows and ETF assets under management falling from over $104 billion to around $94 billion.

The trend suggests institutional investors are reducing their exposure to Bitcoin amid a broader risk-off environment. Some market participants are rotating capital into AI stocks, while others are selectively moving into alternative crypto themes like Solana, XRP, and newer ETF products.

Strategy's recent decision to sell a portion of its Bitcoin holdings has also contributed to the decline in price. This move has created uncertainty among investors and added fuel to an already fragile market structure.