Bitcoin Confirms Rounding Top Breakdown, Risks Drop Below $50K

Bitcoin stabilized near $61,000-$63,000 after briefly breaking below $60,000 for the second time since the June 5 low of $59,099. The asset posted its worst weekly performance since the FTX collapse, repeatedly failing to reclaim $64,000-$65,000. On-chain metrics now converge on $48,000-$54,000 as the next major support zone. Analysts warn of a possible final leg lower below $58,111 under Elliott Wave counts, while ETF outflows and capital rotation into AI-related IPOs such as SpaceX continue to drain liquidity from crypto. Oversold RSI readings and declining exchange reserves near 2.7 million BTC remain the primary bullish counter-arguments.