In this video, we break down Bitcoin on the Daily & 15m chart using Elliott Wave Theory. You’ll discover both bullish and bearish scenarios, plus the critical price levels and targets to watch. Video by Koenz Trading.
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Bitcoin (BTC) is trading at approximately $59,860, holding precariously just under the crucial $60,000 psychological resistance level. The asset remains locked in a short-term bearish trend, down roughly 0.64% over the last 24 hours and 5.97% over the past week.
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Bitcoin Insights Today
1. Severe Institutional ETF BleedSustained institutional selling pressure acts as the primary headwind. Spot Bitcoin ETFs closed out last week with over $1.7 billion in total net outflows, culminating in a 7-day redemption streak. This massive capital flight continues to suppress spot market demand.
2. Macroeconomic and Geopolitical HeadwindsA strengthening U.S. dollar and hawkish expectations surrounding Federal Reserve interest rates are actively driving investors away from high-risk assets. On a macro-sentiment level, a temporary pause in global geopolitical tensions (e.g., U.S. and Iran committing to peace talks) has slightly eased volatility, causing speculative risk premiums to evaporate.
3. MicroStrategy Alters its Bitcoin StrategyIn a major corporate shift, Michael Saylor's MicroStrategy (MSTR) revealed its enterprise value fell below its massive Bitcoin holdings. In response, the company overhauled its financing model, establishing a $1.25 billion Bitcoin sales authorization alongside a $1 billion share buyback program to preserve corporate liquidity. This change has sparked wider fears of public companies offloading assets to survive market corrections.
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