Bitcoin Tests $60K Support After Tagging 200-Week SMA Near $62K

Bitcoin has slid from the $73,000 zone in late May to around $62,000 by June 5, tagging its 200-week SMA at $61,626 and placing $60,000 support under immediate pressure. The decline followed ten straight days of spot ETF outflows totaling $2.97 billion, whale distribution of over 24,000 BTC, and repeated failures at key resistance levels including $71,000-$73,000. Weekly RSI plunged below 30 while 2022-style fractals and channel-breakdown targets point to $50,000-$62,000 downside risk, though extreme oversold readings leave room for a relief bounce if the long-term moving average holds.