Bitcoin is retesting a key demand area after a bearish break from a symmetrical triangle, leaving price action at a pivotal point. Traders cited in the report focus on $60,700–$58,900 as a potential rebound zone and $60,800 as a must-hold level, with $62,400, $61,800, 63,000 and $55,500 also highlighted as key markers.

Venture capitalist Tim Draper argued that fears of quantum computers breaking Bitcoin are overstated and said his BTC feels safer than cash kept in a bank. In remarks amplified in an X post on June 9, he claimed banks' legacy infrastructure would be easier to compromise, while Bitcoin could coordinate a rollback to a last secure block in an extreme scenario.

Bitcoin (BTC) has remained range-bound between $59,000 and $63,000, with rebound momentum still limited. The BTC market-cap-to-global M2 ratio stands at 0.94%, and the analysis suggests it may need to drop further into prior bottom zones before a durable recovery forms. Meanwhile, U.S. spot Bitcoin ETFs have seen $5.568 billion in outflows since May 15, alongside a Coinbase Premium Index reading of -0.07 and rising exchange reserves.

Bitcoin moved back above $62,000 on Wednesday after sliding to an intraday low of $60,679, briefly reaching just under $62,800 before easing. The rebound lifted bitcoin's market cap to $1.24 trillion and helped push total crypto market value to $2.21 trillion, while about $94 million in leveraged BTC positions were liquidated over 24 hours.

Bitcoin (BTC) traded below $62,000 near $61,754.56 as demand indicators weakened, with a 30-day combined spot and perpetual futures demand growth reading of -650,000 BTC. The report notes BTC fell 8% this week after a 14% drop last week, putting monthly performance at -24%. Analysts highlighted $62,800 (200-week SMA) as overhead resistance and $65,000 as a key level to reclaim.

Botanix said it will wind down its Bitcoin layer-two network after four years, with mainnet operations expected to stop this summer. Users have until July 9, 2026 to withdraw bitcoin and other assets from Spiderchain, after which remaining balances will be swept by the federation and become unrecoverable. The team cited insufficient fee income versus infrastructure costs and a market shift toward more convenient, centralized venues.

U.S. inflation picked up in May, with headline CPI rising 0.5% month over month and 4.2% year over year, as energy remained a key driver. The hotter reading adds friction to expectations for near-term Federal Reserve rate cuts, keeping Bitcoin traders focused on how interest-rate prospects may shape risk assets.

More than half of Bitcoin's circulating supply is now below its onchain cost basis, with the share in loss rising to 51.6% from 34% in about a month. The shift leaves the market nearly evenly split between coins held at a profit and those held at a loss, a setup the article notes has been uncommon in Bitcoin's historical record.