Bitcoin Price Risks Drop to $60K as ETFs See $174M Outflows

Key Insights:

• U.S. spot Bitcoin ETFs saw massive outflows of nearly $174 million on Wednesday.
• Bitcoin price plunged to the $66,000 level as geopolitical tensions escalated.
• Polymarket traders expect a BTC price crash to $60,000 before hitting $80,000.

Bitcoin price continued to decline on Thursday, falling below $67,000 due to renewed selling pressure and BTC ETF outflows. The drop came after a rejection from the $69,000 to $70,000 range. It had previously served as support but has now shifted to resistance.

Institutional interest appears to be weakening alongside the bearish Bitcoin price action. U.S. Spot Bitcoin ETFs reported a $173.7 million net outflow in the latest session, according to Farside Investors data.

BlackRock’s IBIT led the outflows with $86.5 million exiting the fund, followed by Fidelity Investments’ FBTC with $78.6 million in redemptions. Smaller outflows were also seen across Bitwise Asset Management and ARK Invest products.

Last week, ETF flows turned negative, with about $296 million withdrawn after four weeks of inflows. While the current week still shows slight net inflows, the sharp single-day outflow suggests waning institutional confidence.

Market analyst Ted Pillows noted the technical breakdown in a post on X. He wrote, “BTC dropped below the $67,000 level again. Bitcoin got rejected from the $69,000–$70,000 level, which earlier used to be a support. Now the only important level for BTC is $65,000–$66,000, and losing this means a new low will most likely happen.”

The chart shared by Pillows indicates a weakening structure. Bitcoin is trading below a major resistance band near $85,000, with another rejection zone around $76,000. Price action has constricted into a lower range between approximately $66,000 and $72,000.

The setup suggests two possible outcomes:

– A relief bounce between $72,000 and $80,000.

– On the negative side, it signals a drop to the $60,000-$62,000 area if support near $65,000 breaks.

Prediction market data shows that traders are pessimistic about Bitcoin price outlook in the short term. Polymarket data shows a roughly 70% chance that Bitcoin will dip to $60,000 before bouncing back to $80,000 in 2026.

Wider financial markets also turned risk-off after Donald Trump’s comments about increased military operations in the Middle East. U.S. equities dropped sharply, with the S&P 500 declining between 0.8% and 1.1% during the session. The move suggests heightened investor caution.

Gold prices fell notably as well. The price of gold slid by around 3% to 3.6% due to rising oil prices and a stronger dollar, which are putting pressure on the metal market. Bitcoin price followed this risk sentiment, briefly dropping to nearly $66,250 before stabilizing around $66,380.

During the day, the BTC price declined by 3%. This movement led to widespread liquidations in the crypto derivatives market, wiping out over $454.20 million in positions in the past 24 hours.

Macro pressures are still in play. Oil shot up past $100 a barrel because of geopolitical tensions. It has gotten market participants worried about inflation and stricter financial policies. Currently, fewer tankers pass through the Strait of Hormuz, and insurance costs are climbing, which adds to the market’s jitters.

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