Bitcoin rebounded above the $63,000 level on Monday after holding a key support zone, though ETF outflows totaling $3.4 billion continue to weigh on sentiment. The world's largest cryptocurrency was trading at $62,914 as per last updates.
Over the past 24 hours, Bitcoin and Ethereum gained 2.32% and 5.08%, respectively. Among major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin and Cardano advanced by as much as 5.72%.
Riya Sehgal, Research Analyst, Delta Exchange said Bitcoin is currently trading around $63,000, attempting a recovery after defending the crucial $59,000–$60,000 psychological support zone and ETF flows remain the biggest caution point, with spot Bitcoin ETFs seeing around $3.4 billion in net outflows between May 20 and June 5.
Sehgal further said that strong U.S. jobs data has revived higher-for-longer rate concerns, while risk appetite is selectively rotating toward AI-linked themes and high-profile IPO narratives such as SpaceX, which has helped AI-related crypto tokens outperform, but broader crypto sentiment is still fragile.
The global crypto market capitalisation went up 2.22% to $2.16 trillion, according to CoinMarketCap.
WazirX Market Desk said Bitcoin is trading near $63,041, remaining under pressure as it trades below key moving averages. However, oversold technical conditions, dip-buying activity, and continued long-term accumulation are keeping market participants focused on potential signs of recovery.
Ethereum is trading around $1,684, with short-term momentum remaining weak. At the same time, a recent $55.8 million ETH purchase by a whale investor highlights continued accumulation interest despite the broader market pullback, WazirX Market Desk further said.
In the past week, Bitcoin and Ethereum were down 14.20% and 16.45%, respectively. Among the major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin, and Cardano fell upto 30.96%.
CoinDCX Research Team said after witnessing a brief rally above $64,000, Bitcoin price yet again faced a brief pullback to the current levels around $63,200 and the overall sentiment continues to remain under extreme fear as the fear and greed index is at 15.
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Market perspective
Vikram Subburaj, CEO, Giottus : Bitcoin showed signs of stabilisation on June 8 after one of its sharpest corrections of the year. The world's largest cryptocurrency traded near $63,100 after briefly falling below $61,200 during the previous session. The market has recovered slightly in recent days. However, it is still trading well below its early June levels, showing that investors remain cautious.
Akshat Siddhant, Lead quant analyst, Mudrex : Bitcoin is stabilising around the $63,000 level after rebounding from a recent low of $59,100, triggered by stronger-than-expected U.S. jobs data. The robust labour market reinforced expectations that the Federal Reserve may keep monetary policy restrictive for longer, leading to weakness across risk assets.
Avinash Shekhar, Co-Founder & CEO, Pi42: The sharp correction in Bitcoin below the $60,000 mark reflects a phase of heightened market caution as investors react to macroeconomic uncertainty, shifting liquidity conditions, and profit-booking after an extended rally. While short-term volatility has intensified, such pullbacks are not uncommon in digital asset markets and often serve as a reset for excessive leverage and speculative positioning.
( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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