Analysts Say Bitcoin May Retest $60,000 After Stalling Below $72K

Bitcoin stalled below $72,000 and slipped to $71,461 on June 1 after trading in a narrow band since the end of May. The token closed May at $73,568 and has moved in a tight range into June.

Benjamin Cowen, founder and CEO of ITC, described short-term price action as “akin to a random walk” and outlined a sequence he expects: BTC would likely tag $70,000, rally briefly for a few days, then drop back to February’s low near $60,000. Cowen has previously characterized the recent recovery to about $75,000 as a “dead cat bounce,” citing tight liquidity, elevated real yields and a Federal Reserve that has shown little urgency to cut interest rates.

PlanB, the pseudonymous creator of the stock-to-flow model, wrote that the “market is 50/50 on if February $60k was the bottom, or the bear will continue.” PlanB’s long-term framework has previously supported six-figure price targets.

Technical analysis added to the caution. Crypto Rover flagged a “textbook bearish flag on the daily,” noting the same pattern appeared before the February drop from about $90,000 to $60,000.

Market flows reinforced the guarded outlook. Spot bitcoin exchange-traded funds posted the largest monthly net outflow of 2026 in May, the biggest since November 2025, and funds lost $1.26 billion in a single week. Data tracked by market participants showed roughly $1 billion of withdrawals driven largely by flows out of products managed by BlackRock and Ark while other digital-asset products attracted inflows. On-chain data showed large holders and long-term wallets reducing positions rather than increasing them.

Market participants cited ETF outflows, reduced buying by large holders and the Federal Reserve’s stance as factors limiting fresh demand. Analysts say if buyers cannot defend the area around $73,000, bitcoin could revisit February’s lows; if the level holds, the existing trading range would remain.

Forecasts among market observers vary. Some long-term proponents continue to cite scarcity-based models pointing to higher targets, while certain technical traders warn of renewed pressure toward winter levels. Short-term direction will depend on whether ETF flows reverse and whether macro conditions ease.