Bitcoin Traders Brace for Further Downside Amid Institutional Outflows

Bitcoin's price has remained steady at $60,390 as it consolidates below key moving averages on all tracked time horizons. The modest gain for the session comes despite a spike in U.S. PCE inflation that triggered $1.26 billion in crypto liquidations.

The increase in forced liquidations reinforced institutional risk aversion and contributed to increased spot market supply. This trend is particularly evident in U.S. spot Bitcoin ETFs, which saw their largest net daily outflows of $696 million on June 26. Fidelity's FBTC and BlackRock's IBIT suffered significant redemptions, withdrawing $274 million and $265 million respectively.

The technical analysis suggests that BTC/USD remains under pressure, trading below key averages with a 74% probability of further downside towards the $56,141, $63,747 range. This trend is expected to continue over the next four trading days, with the price likely to remain confined within this volatility band.