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Published: 10 June 2026,08:11
Daily Market Analysis New
*Bitcoin’s rebound lost momentum as escalating U.S.-Iran tensions and renewed uncertainty around the Strait of Hormuz fueled a broader risk-off move across financial markets.
*The Crypto Fear & Greed Index has fallen into Extreme Fear (9–14) territory, while continued spot Bitcoin ETF outflows added to bearish sentiment.
*Bitcoin is testing critical support around $60,000–$62,000. A break lower could accelerate downside pressure.
The cryptocurrency market encountered renewed selling pressure after Bitcoin staged a brief technical rebound from its steep recent decline. BTC initially recovered from February lows but reversed course, facing fresh downside amid broader risk aversion. The re-escalation of the Middle East geopolitical crisis, including U.S. strikes on Iran and reports of incidents in the Strait of Hormuz, has weighed heavily on investor sentiment and triggered a flight from risk assets.
Several measurable factors have amplified the weakness. The Crypto Fear & Greed Index has plunged into deep Extreme Fear territory, currently hovering around 9–14, indicating widespread capitulation and pessimism. U.S. spot Bitcoin ETFs continued to record net outflows, with recent daily figures showing tens to hundreds of millions in withdrawals, reflecting sustained institutional selling pressure. Additionally, rumors and confirmation of Strategy Inc (formerly MicroStrategy) offloading a small portion of its Bitcoin reserves — selling 32 BTC for approximately $2.5 million in late May — added to negative sentiment, even as the company maintains a massive overall holding exceeding 840,000 BTC.
Near-term outlook for the cryptocurrency market remains cautious with high volatility expected. Bitcoin faces critical support near recent lows around $60,000–$62,000. A break below could extend the correction if geopolitical tensions persist or ETF outflows accelerate. On the positive side, Extreme Fear levels have historically preceded relief rallies, and any de-escalation in the Middle East or signs of stabilizing ETF flows could support a rebound toward $66,000–$68,000. However, ongoing macro uncertainties and risk-off flows suggest choppy trading ahead.
Technical Analysis
Bitcoin appears to have lost momentum following its technical rebound from the three-month low below the $60,000 mark. While the recovery initially suggested that buyers were attempting to stabilize the market, recent price action indicates that the rebound may have run its course.
The latest development saw Bitcoin break below its ascending triangle pattern, a technical formation that is typically viewed as bullish when resolved to the upside. The downside break instead suggests that bullish momentum has faded and that sellers are beginning to regain control of the market. This breakdown also raises the risk that the recent recovery was merely a corrective bounce within a broader bearish trend.
Attention now turns to the immediate support zone around $60,600. This level is critical in determining Bitcoin’s next directional move. A sustained hold above this support could allow the cryptocurrency to consolidate and potentially attempt another recovery.
However, should BTC fail to defend the $60,600 support area, it would provide further confirmation of the bearish outlook and reinforce the significance of the triangle breakdown. Under such a scenario, selling pressure could intensify and expose Bitcoin to a renewed decline toward the next major support level below $58,000.
Resistance Levels: 63,174.70, 65,766.55
Support Levels: 60,274.10, 57,980.80
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