Bitcoin Holds $61K After a Brief Nosedive

Bitcoin briefly touched $59K in the early hours of the Asian+ trading day.

Bitcoin dropped to $59,200 in the early hours of the Asian trading day before recovering some ground.

After dropping to $59,200 during the early hours of the Asian trading day, Bitcoin (BTC) is trading above $61,000 on Tuesday morning.

According to CoinDesk Indices data, the world’s largest digital asset is down 2% in the last 24 hours and 6% in the last 7 days.

The CoinDesk Indices Bitcoin Trend Indicator is showing a significant downtrend, while the CoinDesk 20, a measure of the largest digital assets, is flat as ether (ETH) has not seen the same significant pricing pressure at BTC.

Ether staking protocol Lido (LDO) continues to outpace the market with gains of 14% on-day and 25% in the last week as traders continue to be impressed with its fees, revenue, and total value locked.

In the last few days, bitcoin has been experiencing significant sell pressure due to the coming Mt. Gox bankruptcy redemptions and sales by miners.

According to market data, the bitcoin ETFs saw an outflow of $174 million as trading closed in New York on Monday afternoon. The ETFs finished last week with a nearly $1 billion outflow.

Polymarket bettors are giving a 14% chance of bitcoin rebounding to $65K by the end of the week, while they are giving a 71% chance that the ether ETF will begin trading by July 4.