Bitcoin Breaks Below $63K as Bearish Flag Triggers Elliott Wave Correction

Bitcoin is trading near $62,500-$62,700 after breaking below a bearish flag structure on June 19. The breakdown follows a failed rebound from the June 5 low at $59,104 that stalled at $67,150, well short of the 38.2% retracement at $68,168. Earlier commentary from June 17-18 highlighted potential cycle lows via MACD patterns and a durable $60K-$70K floor, but sentiment shifted decisively bearish amid ETF outflows and technical deterioration. Elliott Wave analysis now flags the bounce as temporary, with measured downside targets between $41,411 and $52,204.