Bitcoin clings to $62,500 as bears tighten grip on crypto market

The crypto market remained sluggish and weak on Wednesday as bitcoin BTC $ 60,053.43 and ether (ETH) fell less than 0.4% since midnight UTC and the CoinDesk 20 Index (CD20) lost 0.9%, with 18 of its constituents declining.

The lack of a meaningful bounce will be the largest concern, especially as U.S. equity futures began to recover from Tuesday's tech selloff.

A portion of the altcoin market outperformed its peers, with jupiter (JUP) and monero (XMR) posting gains of between 2% and 4% to suggest investor appetite is still alive despite bearish market conditions.

Bitcoin now needs to avoid slipping back below the psychological level of support at $60,000, which would trigger a return to a trading range not seen since late 2024 with $52,000 emerging as a key level to the downside.

In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.

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