Bitcoin Closes Below 200-Week SMA Near $60,000 as $4 Billion ETF Outflows Deepen Fragility
Updated
Updated · CoinDesk · Jun 29
Bitcoin Closes Below 200-Week SMA Near $60,000 as $4 Billion ETF Outflows Deepen Fragility
3 articles · Updated · CoinDesk · Jun 29
Summary
Bitcoin ended the week below its 200-week simple moving average for the first time since early 2023, holding near $60,000 in a fresh sign of technical weakness.
Record ETF withdrawals have already reached $4 billion this month, while a stronger dollar, higher Treasury yields and renewed Fed rate fears have kept pressure on crypto.
Positioning in those macro trades is becoming crowded: net long dollar bets jumped 18% to $34.5 billion, and leveraged funds' SOFR shorts hit a record 2.97 million contracts—more than $700 billion notionally.
That leaves room for a sharp reversal if oil prices ease or U.S. jobs data disappoints, because falling yields and a weaker dollar would likely offer bitcoin near-term support.
Even so, the broader backdrop remains fragile after bitcoin also slipped below $60,000 and failed to reclaim key levels, with some bear-cycle models pointing to a possible bottom near $45,000.