Bitcoin traded near $63,000 on June 8, 2026, during European trading hours, after a spike and subsequent dump from $63,700. The cryptocurrency held above its 200-week simple moving average (SMA) at $62,033, but the sustainability of the bounce remains uncertain as spot ETF flows indicate institutional selling.
Analysts are closely watching Strategy's (formerly MicroStrategy) next Bitcoin moves. The company, led by Michael Saylor, holds a significant Bitcoin treasury and its actions often influence market sentiment. Recent data shows that spot Bitcoin ETFs have seen net outflows, suggesting institutions are reducing exposure.
Market participants are divided on the short-term outlook. Some see the $63,000 level as a potential support, while others warn of further downside if ETF outflows continue. The 200-week SMA at $62,033 is a key technical level that could determine the next direction.
As of press time, Bitcoin was trading at $63,150, down 1.2% on the day. The broader crypto market also saw declines, with Ethereum falling 0.8% to $3,420.
