Bitcoin traded 50% below its all-time high level of $1,26,198 and struggled below the $62,000 mark on Wednesday as geopolitical uncertainty weighed on crypto sentiment. The cryptocurrency was trading at $61,380 mark.
In the past 24 hours, Bitcoin and Ethereum were down 2% each respectively. Among the major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin and Cardano corrected up to 8%.
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Ashish Singhal, Co-founder, CoinSwitch said Bitcoin’s correction, despite its magnitude, should be viewed within the context of broader macroeconomic conditions, liquidity cycles, and evolving risk appetite across global markets.
Singhal further said that over the past two years, spot Bitcoin ETFs have attracted tens of billions of dollars in cumulative inflows and now hold well over $100 billion in assets, fundamentally changing how institutional capital accesses the asset class. At the same time, Bitcoin's current drawdown remains materially lower than the 70-90% corrections witnessed in earlier cycles, pointing to a market structure that is gradually maturing.
The global crypto market capitalisation edged down 2% to $2.12 trillion, according to CoinMarketCap. Bitcoin is trading near the $61,000 level as risk aversion continues to dominate global markets following renewed U.S. military action against Iran during the ceasefire period, said Akshat Siddhant, Lead quant analyst, Mudrex.
Siddhant further said that investors are also adopting a wait-and-watch approach ahead of the upcoming U.S. CPI release, leading to lower liquidity and reduced risk-taking. A softer inflation reading could help Bitcoin regain momentum and move toward $65,000, while a hotter-than-expected print may increase pressure and push BTC back toward the $59,000 support zone.
In the past week, Bitcoin and Ethereum were down 8% and 11% respectively. Among the major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin, and Cardano fell up to 24%.
Avinash Shekhar, Co-Founder & CEO, Pi42 said Bitcoin is trading around the $61,000–$62,000 range as geopolitical tensions following U.S. strikes on Iran continue to weigh on market sentiment and the recent decline has been accompanied by broader weakness across digital assets, reflecting a cautious environment where investors are prioritising capital preservation amid heightened uncertainty.
Recent ETF outflows and corporate portfolio rebalancing have contributed to near-term selling pressure, limiting Bitcoin’s ability to stage a sustained recovery despite periods of intraday stabilisation which suggests that investors are still evaluating the broader macro landscape before increasing exposure to risk assets, Shekhar further said.
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Market perspective
Vikram Subburaj, CEO, Giottus
Bitcoin remained under pressure on June 10. Investors continued to navigate weak institutional flows and elevated macroeconomic uncertainty. Market participants were also positioning cautiously ahead of key US economic data releases.
CoinSwitch Markets Desk
Bitcoin is trading around the low-$60K range after briefly testing $60K, with price action shaped by demand moderation rather than one specific shock. Spot Bitcoin ETFs have seen heavy outflows, and on-chain data shows combined spot and perpetual futures demand near -650K BTC, pointing to softer market participation.
Piyush Walke, Derivatives Research Analyst, Delta Exchange
Bitcoin still face strong resistance near the $64,000–$64,300 zone and yesterday a fall was evident from the same level. A sustained move above this range could open room toward $65,500–$66,500.
(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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