Wednesday, June 10th BTC Morning Outlook

Currently, Bitcoin spot price is fluctuating between $61,700 and $62,100, with a significant difference between the high and low points within 24 hours, indicating a slight short-term rebound. Over the past seven days, the price has fallen nearly 9%, continuously retreating from the previous high, almost halving from the all-time high.
Market sentiment has plunged into extreme panic, with a large number of long positions liquidated within a week, massive funds exiting, and the market entering a low-level grinding phase. This round of decline mainly stems from ongoing redemption of overseas ETF funds, institutional reduction of holdings, combined with rising macro risk aversion sentiment, leading to a loss of bullish momentum.
At this stage, the rebound is only a correction from oversold conditions; the downward trend has not reversed. Without clear signs of capital returning, it is likely to continue consolidating at low levels. Do not rush to buy the dip or use leverage for speculation.
Trading suggestion: wait for a pullback to around 610 to see a rebound, target 625, and if broken, $BTC look for 635.