Bitcoin Price Plunges to $62K Amid Geopolitical Tensions

Bitcoin's price has dropped to around $62K as geopolitical tensions weigh on sentiment. The market was already down when the data came in, and the charts looked rough. However, on-chain data from CryptoQuant shows that sell pressure is easing.

The exchange netflow flipped back to negative on June 20, with a seven-day total of -1,232.65 BTC logged. This means coins are leaving exchanges, reducing the supply available for immediate selling. The net supply has shrunk significantly.

Leverage has cooled down, with the funding rate dropping hard from 0.003985 to 0.000337 in a single day. Long-side crowding has cleared out as traders who were leaning bullish with leverage pulled back. Open interest moved up slightly but remains below its seven-day high.