Bitcoin (BTC) Price: Worst Week Since FTX Crash as US-Iran War and Rate Fears Pile On

TLDR

• Bitcoin posted its worst weekly drop since the FTX collapse in 2022, falling 16% to below $60,000
• US-Iran military escalation pushed BTC down a further 3% on June 9
• Bitcoin broke below its 200-week moving average, a key bear market signal
• Over $5.5 billion has left US spot Bitcoin ETFs across 13 straight days of outflows
• Analyst Ted Pillows sees a drop toward $50,000–$52,000 before a cycle bottom

Bitcoin fell below $60,000 last Friday, capping its worst week since the FTX exchange collapse in November 2022. The drop marked a 16% decline over seven days, the steepest weekly fall in over two years.

At the time of writing, BTC was trading around $61,500, still down more than 50% from its all-time high above $126,000.

The sell-off deepened on June 9 after US Central Command announced “self-defense” strikes against Iran. The strikes followed the shooting down of a US Army Apache helicopter near the Strait of Hormuz. BTC fell 3% on the news, hitting $61,766.

Crypto long liquidations hit $136 million in the 24 hours following the news, with Bitcoin accounting for the majority, according to CoinGlass data.

Strategy’s Sell and the 200-Week Moving Average

Adding to the pressure, Strategy Inc. — Michael Saylor’s Bitcoin-holding company — sold a small portion of its BTC holdings, denting the widely held belief that the firm would never sell. Strategy moved quickly to buy 1,550 BTC for around $101 million, but the damage to confidence had already been done.

Bitcoin also slipped below its 200-week moving average last week, a technical level watched closely by traders. Paul Howard of crypto trading firm Wincent called it “important confirmation that markets may have entered a bear phase.”

Retail Buying, Whales Waiting

On-chain data from Santiment shows a split between small and large holders. Wallets holding less than 0.01 BTC increased their holdings by 0.36% over the past two weeks, even as BTC struggled to hold $60,000. Meanwhile, wallets holding between 10 and 10,000 BTC reduced holdings by 0.20%.

Analyst Ted Pillows weighed in on X, pointing out that no Bitcoin cycle bottom has ever formed above the “Realized Price,” which currently sits at $53,000. He said BTC will “most likely drop towards $50,000–$52,000 before a cycle bottom.”

US-listed spot Bitcoin ETFs have now seen $5.5 billion in net outflows over 13 consecutive days.

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