Bitcoin Price Plummets to $62,875 Amid Record-Breaking ETF Outflow Streak

Bitcoin's price has taken a hit, plummeting to $62,875 on June 5, 2026. This significant drop can be attributed to a record-breaking 13-day ETF outflow streak, with a staggering total of $4.4 billion leaving the market.

The loss of this substantial amount of institutional money has had a ripple effect on the cryptocurrency's value, causing it to dip below its key moving averages and break through every recent support level. This bearish trend is further reinforced by the fact that every recent support level has flipped into overhead resistance.

However, there are some signs of potential relief for Bitcoin investors. The daily and weekly RSI readings have reached deeply oversold levels, a condition that has historically preceded sharp relief bounces. Furthermore, prediction markets suggest that traders are pricing in real two-way risk, indicating that the market is aware of the possibility of a rebound.