Bitcoin Faces $42,000 Risk as June ETF Outflows Hit Record

Bitcoin is facing a make-or-break trendline as it trades near $59,500. The cryptocurrency has dropped about 19% in June and chart signals are pointing to deeper downside if the neckline of a three-day head-and-shoulders pattern breaks.

A close under $55,298 would confirm the breakdown, with potential targets near $52,458, $48,413, and a measured target around $42,000. Reclaiming $61,654 or $67,335 would invalidate the setup.

The exchange whale ratio has hit a local high of 0.69, while US spot Bitcoin ETF outflows reached about $4.06 billion in June, a record since launch.