London, June 7, 2026, 18:01 (BST)
Bitcoin is holding over $60,000 on Sunday, but signs of weakness linger after falling for most of the past week and breaching a key support level. The token last changed hands at $62,019, up 2.1% from the day before. In Sunday trading, it moved between $60,420 and $62,839.
With traditional exchanges closed for the weekend, the market’s next key test is when U.S. funds open on Monday. Price isn’t the only problem now. U.S.-listed spot bitcoin ETFs, which are funds that hold bitcoin and trade like stocks, had $1.72 billion in net outflows last week. That’s the biggest weekly pullback in over a year, CoinDesk said, quoting SoSoValue data.
That’s key since the ETF trade was a big source of strength for bitcoin. Back in February, when bitcoin neared $60,000, ETF outflows eased up as prices dipped. Now, there have been outflows for four weeks in a row, picking up speed. Some institutional players still aren’t seeing this drop as a bargain.
Jobs data brought some action to the week. The U.S. economy added 172,000 nonfarm jobs in May and unemployment stayed at 4.3%, the Bureau of Labor Statistics reported Friday. That pushed up short-term Treasury yields and raised hopes for Fed tightening later this year. The May CPI comes out June 10, and the Fed holds its policy meeting June 16-17.
Bitcoin slid 17.3% last week, with ether down 22%, their biggest weekly drop since FTX imploded in November 2022, CoinDesk said. The crypto market lost close to $390 billion in value and about $7 billion in leveraged positions got wiped out—forced liquidations of mostly bullish trades.
Bitcoin’s support at $60,000 is still in focus. The token dropped to $59,227 on Saturday, then bounced back above $61,000. That recovery cooled worries about a sharp breakdown, but selling pressure remains. A sustained move below $60,000 would put bitcoin back at levels from February’s slump.
Strategy Inc, a key name for gauging corporate bitcoin interest, fueled worries this week. A Securities and Exchange Commission filing showed the firm sold 32 bitcoin for $2.5 million between May 26 and 31, averaging $77,135 per bitcoin. Despite the move, it still held 843,706 bitcoin at the end of May. Strategy said it planned to use the proceeds for preferred stock distributions.
Greg Cipolaro at NYDIG says there’s no single reason behind bitcoin’s slide. The global head of research flagged several overlapping pressures: an AI-driven rally in stocks, upcoming tech IPOs, quantum computing jitters, sanctions worries, and Strategy’s sale. “Viewed independently, none of these developments appears sufficient to drive a major correction in bitcoin,” he wrote. CoinDesk
K33 Research’s Vetle Lunde didn’t mince words on the rotation in equities. As AI stocks keep rallying and talk grows of listings from OpenAI, Anthropic and SpaceX, Lunde said, “the opportunity cost of holding BTC” is now a bigger issue for some investors. CoinDesk
Bitcoin is ceding ground in the crypto market. Its share has dropped to 56% from 63% a year ago, according to Reuters. Meanwhile, stablecoins make up almost 13% of the market, up from about 7%. Mark Dowding, fixed-income chief investment officer at RBC BlueBay Asset Management, said it shows how assets can shift “from being the flavour of the month” to “out of fashion.” Reuters
Bears face risks of their own. A soft CPI read, a stop to ETF redemptions, or big holders staying put could hit short sellers and spark a sharp bounce in bitcoin. On the downside, the path is clearer: if bitcoin drops through $60,000 and ETF outflows keep up, leverage could get wiped out and trigger another forced liquidation.
Bitcoin is bouncing for now, but it’s not a turnaround yet. This week could be key, with Monday’s fund flows and Wednesday’s inflation numbers likely to decide if buyers return, or if the market just caught its breath before another run at $60,000.
