Bitcoin Loses $63,000 As Miner Capitulation Extends, Yet Expert Sees Hope at $60,000
Bitcoin fell below $63,000 due to miner capitulation and decreasing ETF demand, but an expert believes $60,000 remains a key support level.Summary
Bitcoin has dropped below $63,000, marking a nearly 30% monthly decline, driven by both structural weaknesses in the network and diminishing institutional investment through ETFs. A prolonged miner capitulation phase, the longest in a year, is exacerbating the situation as miners are forced to sell reserves due to collapsing network revenue. This selling pressure coincides with six consecutive weeks of outflows from Bitcoin ETFs, signaling reduced investor confidence. Bitget CEO Gracy Chen identifies $60,000 as a critical support level, warning that a break below this could lead to a further decline towards $50,000, while a hold above it could allow for stabilization and recovery. The $60,000 level also aligns with a key Fibonacci retracement zone and previously acted as support, making it a crucial technical area. Ultimately, the future direction of Bitcoin hinges on whether it can maintain support at $60,000 amidst ongoing miner capitulation and ETF outflows.
(Source：BeInCrypto)