Bitcoin stabilises above $62,000 as spot selling pressure evaporates
Bitcoin is holding steady above $62,000 as a months-long liquidation wave fades, but a sustained price recovery depends on whether spot buyers return ahead of key US inflation data.
Bitcoin has steadied above $62,000 despite escalating US-Iran tensions. For analysts, this price action is a clear signal that the cryptocurrency's recent wave of panic-selling has largely run its course.
The token's resilience marks a shift from earlier in the year, when similar geopolitical escalations and oil price spikes triggered sharp declines. "BTC held $62k through rounds of US airstrikes and a Hormuz closure, barely flinching. The weak hands look gone," said Jasper De Maere, an over-the-counter trader at Wintermute.
Evidence of seller exhaustion is emerging across exchange-traded funds and on-chain metrics. US-listed spot bitcoin ETFs recorded net inflows of $197.40 million last week, snapping an eight-week streak of outflows. "The eight-week ETF outflow streak broke. One turn, not a trend, but the marginal seller is drying up," De Maere said.
Blockchain data reinforces this shift. Net spot selling averaged nearly 2,000 BTC per day in June but has collapsed to just 53 BTC per day this month, according to Glassnode figures cited by Dessislava Ianeva, an analyst at Nexo. "ETF flows confirm it from another angle. The past ten days split between inflow and outflow, netting slightly positive," Ianeva said.
Derivatives drive the rebound
Analysts caution that the recovery from this month's low of $57,700 is not yet fuelled by fundamental spot demand. "Demand for Bitcoin is recovering rapidly, though the growth is currently being driven mainly by retail traders in the speculative futures market. At the same time, the situation in the spot market remains less positive," said Alex Kuptsikevich, chief market analyst at FxPro.
Without a resurgence in spot liquidity, bitcoin could trade sideways for months. Trading volumes did show signs of life in June, rising for the first time in five months. Centralised exchange spot volume climbed 15.3% to $1.11 trillion. Real-world asset perpetual volumes surged to a record $311 billion.
The market's near-term direction now hinges on macroeconomic catalysts. US consumer price index data for June is due on Tuesday, followed by the first Congressional testimony of Federal Reserve Chair Kevin Warsh this week. These events carry significant weight for interest-rate expectations and could dictate whether the current stabilisation evolves into a broader rally.
