Bitcoin · CoinDesk
Bitcoin has reached a deep bear-market valuation zone
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Bitcoin is trading near a level it has usually reached only late in bear markets, and it has held there even after the hottest U.S. inflation print in three years.
Key facts
- Ether rose 1.4% to $1,651, BNB added 1.3% to $595, solana gained 0.9% to $65 and dogecoin 1.1% to $0.085
- Bitcoin briefly broke below $60,000 this week for the first time since 2024 and changed hands at $62,623 on Thursday, up 1.9% on the day but lower over the week, with a record run of ETF outflows
- Hopes for US regulatory clarity have faded again, with Polymarket odds of the Clarity Act passing in 2026 dropping from 62% to 48% this week," Yves Renno, head of Trading at global crypto payments
- MSCI's All Country World Index, the broadest measure of global stocks, slipped to its lowest since May 5, and its Asia Pacific gauge fell 0.8% to a three-week low
Summary
Bitcoin is trading near its historically depressed 200-week average, a level typically seen late in bear markets, even after the hottest U.S. inflation reading in three years. Market sentiment is deeply negative, with the Crypto Fear and Greed Index at 9 and major cryptocurrencies posting only shallow bounces that have not erased this week’s losses amid record ETF outflows. Hot headline inflation, fading odds of U.S. regulatory clarity and rising global interest rates, alongside geopolitical tensions and falling equities, are weighing on prospects for a swift Bitcoin recovery ahead of the June FOMC meeting. Checkonchain data show BTC fell toward close to its 200-week average, a rough four-year trend line watched by long-term holders.