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Bitcoin spent the week starting June 8, 2026 testing whether last week’s slide below $60,000 marked a local bottom or the start of a deeper correction.
After falling below $60,000 for the first time in months, BTC rebounded to $63,574 by Friday. The recovery followed a $504 million short squeeze, fresh Bitcoin purchases from Strategy and Strive, and growing discussion around whether the market had entered a bottom-building phase.
Yet the rebound arrived alongside another week of ETF outflows, weak spot demand, and rising expectations that US interest rates could stay elevated through the end of 2026. Rather than confirming a new uptrend, the week highlighted a market searching for support after one of its sharpest corrections of the year.
Bitcoin entered the week near $63,000 after rebounding from a sharp correction that briefly pushed the asset below $60,000. The weekly range stretched from sub-$60,000 levels to nearly $64,000, while BTC remained roughly 23% below its May peak near $82,800.
The strongest move came after President Donald Trump signaled that a US-Iran agreement remained possible despite renewed regional tensions. The comments helped improve market sentiment and triggered more than $655 million in crypto liquidations, including roughly $315 million in Bitcoin short positions.
The recovery also pushed Bitcoin back above its 200-week moving average near $62,000, one of the market’s most closely watched long-term support levels. Holding that level helped ease concerns that last week’s selloff could trigger a deeper breakdown.
Despite the rebound, Bitcoin remained below key moving averages and major resistance levels. Immediate resistance sat between $64,000 and $65,000, while a sustained recovery would require BTC to reclaim higher levels lost during the recent correction.
The most important development wasn’t a single headline. It was the growing debate over whether Bitcoin is approaching a meaningful valuation floor.
CryptoQuant reported that Bitcoin’s realized price stands near $53,600, leaving BTC only about 17% above a level that has historically aligned with major bear market lows. The firm also noted that more than 50% of circulating supply had moved into unrealized loss territory, a condition often associated with late-stage corrections.
CryptoQuant Sees Bitcoin’s Potential Bottom Near $53,600
CryptoQuant said Bitcoin’s potential bottom may be near $53,600, its current realized price, though research head Julio Moreno stressed this is only a “valuation bottom candidate,” not a confirmed cycle bottom. The firm… pic.twitter.com/2CO0ROpDJ5
— Wu Blockchain (@WuBlockchain) June 11, 2026
CryptoQuant contributor Woo Minkyu reported that the Exchange Whale Ratio climbed to 61.6% when Bitcoin traded between $60,000 and $61,000. The reading indicated that large holders remained active during the selloff as smaller investors reduced exposure.
At the same time, technical signals remained mixed. Material Indicators noted that Bitcoin’s weekly RSI remains below the 41.5 level that has historically separated bullish and bearish market phases.
The result is a market showing signs of valuation support without delivering the demand recovery that has accompanied previous cycle bottoms.
The strongest counterargument to the bottom thesis came from demand data.
US spot Bitcoin ETFs remained under pressure during the week. SoSoValue data showed cumulative outflows since mid-May had exceeded $5.7 billion, while CryptoQuant reported that 30-day ETF demand growth had fallen to negative 74,000 BTC, its weakest level since January 2024.
Weakness was also visible in spot markets. Coinbase Premium remained negative for more than three weeks, indicating continued softness in US buying activity.
Macro conditions added further pressure. Markets were pricing a greater than 70% probability of a Federal Reserve rate hike by December, while Brent crude hovered near $92 per barrel amid continued uncertainty surrounding the Strait of Hormuz.
Derivatives markets showed signs of stabilization after last week’s volatility. Volmex’s Bitcoin Volatility Index fell from nearly 60% to around 47%, while futures open interest recovered after dropping $3.5 billion during the selloff.
The decline in volatility suggests panic selling has eased. Institutional demand, though, has yet to show a meaningful recovery.
CoinGlass data showed Coinbase Premium remained negative for more than three weeks, while ETF demand remained weak. Both indicators continued to point to limited buying activity from US investors.
Bitcoin was trading near $63,574 at the time of writing, remaining roughly 17% above CryptoQuant’s $53,600 realized-price level while spot Bitcoin ETF outflows since mid-May exceeded $5.7 billion.
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