The leading cryptocurrency shows signs of weakness, struggling to hold around $59,000. Meanwhile, buyers are exercising caution.

Hourly chart of BTC/USDT on Binance. Source TradingView.

As of this writing, Bitcoin is trading at $59,300, having lost nearly 6% over the past week.

The broader crypto market is also showing weakness, with major altcoins in the "red zone."

Source: CoinMarketCap.

Ethereum has dropped to $1,500, losing its position as the second-largest cryptocurrency by market cap to the stablecoin USDT.

The situation is exacerbated by outflows from ETFs. According to SoSoValue, Bitcoin funds have seen a negative streak for the seventh consecutive week, with only rare minor daily inflows.

Source: SoSoValue.

Technical analyst Ali Martinez noted that Bitcoin accumulation has stalled for seven months. From November 9, 2025, to May 31, 2026 (208 consecutive days), visible demand for BTC has not shown any positive values.

BITCOIN ACCUMULATION STALLS FOR 7 MONTHS

Bitcoin apparent demand has remained negative for 208 consecutive days, recently dropping to a new low of -273,000 BTC.

This metric evaluates real spot market demand by comparing new Bitcoin creation (miner block rewards) with the… pic.twitter.com/AhUyUMZwHh

— Ali Charts (@alicharts) June 26, 2026

In June, the figure fell to a new low of -273,000 BTC.

"Negative apparent demand means that a significant volume of old supply is entering circulation faster than the spot market can absorb it. This mismatch indicates selling pressure outpacing new capital inflow, creating strong resistance for the price," Martinez explained.

Analysts from Alphractal emphasized that short-term Bitcoin holders continue to realize losses. The price has not allowed this group of investors to "break even" for an extended period.

Source: Alphractal/X.

Experts believe this situation is "typical" for a bear market—once realized losses begin to decrease, Bitcoin is likely to find a bottom.

Simultaneously, Bitcoin has started to enter oversold territory on the daily RSI, noted analyst under the pseudonym Ardi. In the last three instances when the coin exhibited this pattern, the price corrected by 15-30%.

$BTC

The last three times BTC entered oversold territory on the daily RSI, it went on to correct roughly 15-30%.

We're now on the verge of entering that oversold zone once again.

Most of you know I've been targeting an initial move back toward $54K throughout this flush.

If… pic.twitter.com/YtGJCpRZii

— Ardi (@ArdiNSC) June 26, 2026

Recall that on June 24, Bitcoin fell to $59,000 amid a rise in the US dollar index.