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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
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Sign InAmid a global shift toward risk-off sentiment, Bitcoin price has dropped below the $63,000 mark, with traders now focused on the critical psychological support level at $60,000. US-listed Bitcoin ETFs experienced a significant setback, recording $519 million in outflows in a single day. According to reports, this volatility triggered approximately $1.1 billion in total crypto market liquidations, exacerbated by escalating geopolitical tensions between Iran and the United States.
This downward move coincides with broader market caution following recent US inflation data; per market data, the Core PCE Price Index rose 0.2% month-over-month on May 28, 2026, meeting forecasts but maintaining pressure on risk assets. Compared to the previous quarter, the correlation between institutional ETF flows and spot prices has intensified. Market analysts note that persistent withdrawals from major spot ETFs serve as a primary headwind for price recovery in the near term.
Investors should watch the $60,000 support zone closely, as a breach could signal further technical weakness. Looking ahead, key catalysts include scheduled commentary from Federal Reserve officials, such as the speech by Fed's Kashkari on May 29, 2026, which may influence dollar strength and crypto valuations. Bitcoin remains sensitive to both geopolitical developments and the pace of institutional fund flows.