Bitcoin Slides to $62,875 as Spot ETF Outflows Hit Record $4.4B Over 13 Days

Bitcoin extended its selloff to around $62,875 on June 5, 2026, down roughly 14.3% over the past week. The move leaves BTC hovering near the lower end of its $61,394–$64,352 daily range (CoinGecko) and deepens the drawdown to about 20% since mid-May and more than 50% below its October 2025 peak near $128,000. Market value has slipped to about $1.26 trillion. After $68,000 and $65,000 gave way earlier this week, traders are now treating $62,000 as the immediate battleground. Technicals: Bearish structure, oversold momentum Price remains below its 20-, 50- and 100-day moving averages, keeping the broader downtrend intact. Key supports from the past two weeks have been broken and are now acting as resistance, while elevated volume on the decline points to persistent selling pressure rather than a quiet basing phase. The main offset is momentum: daily and weekly RSI readings are deeply oversold, a condition that has historically preceded sharp relief rallies once selling exhausts itself. Prediction markets reflect two-way risk, assigning meaningful odds to a close below $61,500 while also pricing a near-term path back above $63,500. Oversold signals can linger while fund flows remain negative, so it's best read as a setup to monitor, not a standalone buy trigger. Key levels after the breakdown Support: $62,000 is the first line of defense, aligned with the bottom of the daily range. Below that, $60,000 is the major psychological and technical floor. A decisive break could expose the $55,000 area, which some analysts flag as the next deeper correction zone. Resistance: A move back above $64,000 is the first step, followed by $65,000. Only a daily close above $68,000 would meaningfully challenge the current bearish structure. What's driving the selloff The primary mechanical pressure is accelerating ETF selling. US spot Bitcoin ETFs have logged a record 13-day run of net outflows totaling about $4.4 billion, according to SoSoValue data. When a major source of marginal demand turns into a sustained seller, downside pressure intensifies. Beyond the headlines, analysts point to a liquidity rotation: institutional dollars appear to be shifting away from crypto and into AI-linked equities and a wave of megacap IPO interest, including anticipation around a potential SpaceX listing. A hawkish Federal Reserve stance that keeps rates elevated adds to the challenge by tightening financial conditions and reducing appetite for risk assets such as Bitcoin. The number the market is watching: Strategy's cost basis Strategy (formerly MicroStrategy) reportedly holds about 843,000 BTC at an average cost near $75,500. With Bitcoin around $62,875, that position sits more than $12,000 per coin underwater, marking its deepest unrealized loss of the cycle. Strategy also executed its first Bitcoin sale since 2022 last week—small in size, but notable symbolically. Investors are watching whether the company continues to accumulate or pauses. If corporate buying slows while ETF outflows persist, two important demand pillars weaken at the same time. Level recap Support: $62,000 / $60,000 / $55,000 Resistance: $64,000 / $65,000 / $68,000 Bottom line Bitcoin is trading near $62,875, down 14% on the week and about 20% since mid-May. The decline is being driven by a record 13-day spot ETF outflow streak worth roughly $4.4 billion and a broader rotation of liquidity toward AI stocks and high-profile IPO themes. The chart remains structurally bearish: BTC is below key moving averages and recent supports have flipped into resistance. Oversold RSI readings raise the odds of a sharp bounce, but the immediate test is whether $62,000 holds. A clearer turn would require reclaiming $64,000 and ultimately $68,000. Until ETF flows stabilize or the Fed pivots toward easing, downside pressure remains dominant. FAQ What is the Bitcoin price today? Bitcoin is trading near $62,875 on June 5, 2026, down about 14.3% over the past week and roughly 20% since mid-May. Why is Bitcoin falling? Markets are reacting to a record 13-day streak of spot ETF outflows totaling about $4.4 billion, alongside a rotation of institutional liquidity into AI equities and IPO-related themes such as SpaceX, with high rates adding pressure. What is the next support level for Bitcoin? Immediate support is $62,000. Below that, $60,000 is the major floor, with $55,000 as the next area in a deeper correction scenario. Is Bitcoin oversold right now? RSI indicators on daily and weekly timeframes are deeply oversold, which can precede relief rallies. Oversold conditions can persist if ETF outflows continue. This article is for informational purposes only and does not constitute financial advice. Cryptocurrency is highly volatile. Always do your own research.