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Ahmed Barakat
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The price of Bitcoin is bleeding. The leading crypto has dropped to $61,800–$64,000, shedding about 5-6% in 24 hours as the capital is struggling in stock markets ahead of what could be a huge follow-up to the SpaceX IPO.
The question traders are asking is not just when BTC will recover, but whether the sell-off is indicative of a deeper reversal that needs to be fed. Ethereum and XRP are following BTC down, with losses in mid-digits across the board as the correlation holds strong.
Former investor Thomas Park pointed directly to the IPO pipeline as the trigger, saying that entrepreneurs are “Moving money from Bitcoin to top IPOs”call them “an emerging market for luxury goods” and it is said that BTC is “to compare.” SpaceX has already filed a record IPO asking for $75 billion for about $1.75 trillion, surpassing Saudi Aramco’s largest public offering in history.
US space Bitcoin ETFs he shed blood $2.43 billion in May alone, with another $1.40 billion coming out in the first days of June. The speed of sales is not hidden.
What makes this dynamic difficult, almost paradoxical, is that SpaceX’s IPO filing revealed a significant Bitcoin Treasury positionwhich shows that the long-term narrative surrounding BTC as a corporate reserve asset has not changed even as the short-term movement moves in the opposite direction.
This argument is setting the most important position for all three tokens.
Note: The best crypto to change your profile
Can Bitcoin Price Regain $65,000 Ahead of SpaceX IPO, Or Is Low $60,000 the New Crypto Range?
Bitcoin is in a short-term decline from its recent trend, trading between $61,800 and $64,000 and pressing support at the low price of $60,000. A firm close below $61,500 opens the door to a deep retest of the upper $50,000s.
Resistance is set at the top. The $60,000 midpoint was able to make the last attempt at recovery, and $70,000 seems too far away due to the ETF movement itself.
BTC has already eliminated its geopolitical risk, and the outflow of customers suppresses any possibility of this happening. Bitcoin investment strategies have taken in $62 billion in recent sessions, and retail sentiment appears to be faltering.
ETF outflows stabilized along with the SpaceX IPO closing without further crypto volatility gives BTC a path back above $66,000 and reestablishing its fundamentals.
If the capital stays on the side of the IPO window, the current combination between $ 61,500 and $ 65,000 is the most likely result. Support broken below $61,500 for ETF trading continues to trigger a leg led by $57,000 to $58,000.
Volume and ETF flow data are indicators to watch. Not just the price.
ETH’s support sits below the mid-$3,000s with resistance near the early cycle highs. XRP remains cyclical, looking for horizontal support below the $0.40s to $0.50s with no clear signal. Both remain top players in whatever BTC does.
Bitcoin Hyper Chases Mover-Mover Upside as Bitcoin Tests Critical Support
This is unfortunate for BTC holders: at $62,800, the risk/reward on the cap-weighted markets is negatively variable near term.
Fronts of normal upwelling are driven by large storms; the bottom is open if the flow of the ETF accelerates. This is pushing some traders to the previous game of the Bitcoin ecosystem, where the accounting environment is different.
Bitcoin Hyper ($HYPER) it’s a project that’s catching a lot of attention around here. Positioned as the first Bitcoin Layer 2 with the integration of the Solana Virtual Machine (SVM), it addresses the three main obstacles that have hindered the use of Bitcoin: low volatility, high fees, and the lack of viable smart contracts.
Bitumen is direct, bringing Solana-class speed and execution of the agreement to a layer of Bitcoin security, without leaving Bitcoin’s underlying trust model.
The transaction has raised $32,804,971.85 at a current price of $0.0136811, with the highest number of early participants. This project has been filmed Pay close attention during this BTC dip, as traders are looking for an asymmetric position within the Bitcoin ecosystem.
