Bitcoin traded near $62,500 on Monday, clinging to the $60,000 level that analysts say could determine its next move, as a month of record spot-ETF outflows and a downward revision from Citigroup weighed on sentiment.

The largest cryptocurrency has struggled to reclaim the upper end of its 2026 range after a June in which U.S.-listed spot Bitcoin ETFs saw their worst month of net redemptions on record. Citi this month cut its 12-month price target to $82,000 from $112,000, with a bear case near $53,000, citing softer demand.

Spot Bitcoin ETFs, which had funneled steady institutional demand into the asset through early in the year, reversed sharply as risk appetite cooled and investors rotated toward artificial-intelligence-linked equities. The flows illustrate how quickly institutional conviction can unwind once momentum fades.

Bitcoin remains far below its 2025 record near $126,000 and its early-2026 peak around $97,000. The late-July Federal Reserve meeting is increasingly seen as a potential pivot point for risk assets broadly, including crypto, as traders weigh the path of interest rates.

On-chain metrics tell a mixed story. While retail participation has thinned, some larger holders have accumulated during the weakness, a pattern that has historically preceded stabilization, though analysts warn that macro forces now dominate short-term price action.

For now the $60,000 threshold functions as both a psychological and technical line. A decisive break could invite further selling, while a hold might embolden buyers awaiting confirmation that the worst of the ETF exodus has passed.

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