Bitcoin Price Faces Pressure as Macro Conditions Weaken

Bitcoin's recent price action has been influenced by several key factors, including accelerating capital outflows and weakening macro conditions. The cryptocurrency has fallen below $63,000 and remains under pressure, with market participants closely monitoring the $60,000 level as critical technical support.

The combination of geopolitical tensions, tariff uncertainty, and tightening liquidity is weighing on risk appetite, contributing to Bitcoin's decline. Spot bitcoin ETFs have logged five straight weeks of outflows, with approximately $4 billion withdrawn from global crypto exchange-traded products during that period.

On-chain and derivatives data indicate a defensive market structure, with active addresses falling below typical ranges, realized capital contracting, and unrealized losses dominating transaction flows. Despite the pressure, broad capitulation has not fully materialized, with Glassnode data showing more than 400,000 BTC accumulated between $60,000 and $70,000 during the recent downturn.