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Ahmed Barakat
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Bitcoin price is bleeding. The price of the leading cryptocurrency fell to the $61,800-64,000 range, falling nearly 5-6% in 24 hours as capital rotated aggressively in stock markets ahead of what could be SpaceX’s most significant IPO.
The question for traders is not just when Bitcoin will recover, but whether this sell-off signals a deeper structural shift in where risk appetite is being deployed. Ethereum and XRP follow BTC’s decline, with moderate losses across the board as correlations consolidate.
Veteran investor Thomas Park pointed directly to the IPO pipeline as the culprit, arguing that traders were to blame “Moving money from Bitcoin to a place for high-profile IPOs”He invites them “Trade the next hot money ball in the market” And the BTC proposal is “Paleed in comparison.” SpaceX has officially filed for a record-setting initial public offering targeting revenues of about $75 billion At a valuation of nearly $1.75 trillion, it surpassed Saudi Aramco to become the largest public offering in history.
Bitcoin ETFs in the US I bled $2.43 billion in May alone, with another $1.40 billion leaving in the first days of June. Selling pressure is not accurate.
What makes this rotation complicated, almost paradoxically, is that SpaceX’s IPO filing revealed an important position for the Bitcoin treasuryWhich suggests that the long-term institutional narrative around BTC as a reserve asset for companies remains intact even as short-term flows move in the other direction.
This tension creates a critical inflection point across the three major symbols.
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Can Bitcoin price reclaim $65,000 ahead of SpaceX IPO, or is low $60,000 the new crypto range?
Bitcoin is seeing a confirmed short-term breakout from its recent range, trading between $61,800 and $64,000 and pressing against support at the low $60,000 level. A decisive close below $61,500 opens the door to a deeper retest of the $50,000 high.
Resistance is stacked above. The $60k average capped the recent recovery attempt, and $70k looks increasingly distant given the current ETF flow dynamics.
BTC has already erased its geopolitical risk premium, and continued institutional inflows are putting pressure on any potential for a near-term rebound. Bitcoin treasury strategies absorbed a loss of $62 billion in recent sessions, and retail sentiment is clearly deteriorating.
The stabilization of ETF outflows combined with the closing of SpaceX’s IPO without further crypto turnover gives BTC a path back to above $66,000 and redefines its previous range.
If capital remains on the sidelines during the IPO window, a sporadic consolidation between $61,500 and $65,000 is the most likely outcome. A break of support below $61,500 with continued ETF selling triggers a momentum-driven move towards $57,000 to $58,000.
Streaming data and ETF flows are the signals to watch. It’s not just the price.
ETH support is at the low to mid $3000 level with resistance near the previous cycle highs. XRP is range bound, watching horizontal support at lows of $0.40 to $0.50 with no breakout signal in sight. Both remain in high beta on whatever BTC does next.
Bitcoin Hyper targets early uptrend as Bitcoin tests crucial support
Here’s the uncomfortable truth for holders of spot bitcoin: At $62,800, the risk/reward on a market cap-weighted position is asymmetric in the wrong direction in the near term.
The uptrend to previous all-time highs is capped by macro headwinds. The downside is open if ETF outflows accelerate. This dynamic pushes some traders toward early-stage infrastructure plays within the Bitcoin ecosystem itself, where valuation entry points are structurally different.
Bitcoin Hyper ($HYPER) It is one of the projects that is receiving this attention in turn. Billed as the first-ever Bitcoin Layer 2 with Solana Virtual Machine (SVM) integration, it targets the three primary limitations that have historically limited Bitcoin’s utility: slow transactions, high fees, and the lack of programmable smart contracts.
The offering is straightforward, bringing Solana’s speed and contract execution to Bitcoin’s security layer, without abandoning Bitcoin’s core trust model.
The pre-sale has raised $32,804,971.85 at the current price of $0.0136811, with collection available for early participants. The project has been drawn up Particular attention has been paid during this BTC decline cycle, as traders seek to identify asymmetric positions within the Bitcoin ecosystem.
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