BTC Holds $60K-$62K as ETF Outflow Streak Snaps; Bollinger Flags W-Bottom Setup
Spot ETF inflows return after a 10-day drought near $220M as BTC prints a nine-day high of $62,300, with Bollinger eyeing a fractal reversal pattern.
US spot Bitcoin ETFs booked roughly $220 million in net inflows on Friday, ending a ten-day run of outflows, according to CryptoQuant contributor Axel Adler Jr. The flow reversal lands as BTC trades near $62,675, having tagged a nine-day high of $62,300 while global equity indices sit at record levels.
Flow data turns, but sentiment stays defensive
Adler characterized the shift as an early signal rather than a trend change: “Bitcoin is in the late stage of the bear cycle, but the ETF segment has for the first time signaled that the pressure is easing.”
Trader Daan Crypto Trades flagged the same $220 million print as “not massive” on its own, but pointed to price behavior underneath it. He noted BTC has held the ~$60,000 region “regardless of the many outflows,” adding that continued strength into next week would confirm “a lot of absorption has taken place.”
Bollinger reads a fractal double-bottom
John Bollinger, creator of the Bollinger Bands indicator, posted on X Friday that BTC/USD is tracing a “W”-shaped double-bottom on the daily chart — two swing lows split by a rejected bounce, with a break above that rejection level needed to flip the structure bullish. He framed it against the downtrend running since October: “$BTC has seen a series of bullish patterns broken, evidence of the power of the downtrend. Will this ‘W’ be the one that breaks the trend?”
His chart shows the pattern tracking the lower Bollinger Band on the daily timeframe. He added: “Note that it is perfectly fractal. The are small ‘w’s at the nadirs and a small ‘m’ at the apex.” A comparable “W” structure is visible on the weekly chart as well.
Bollinger has been positioned long for weeks — he disclosed a new long entry through his Bitcoin investment vehicle in early May and has held a bullish read on BTC since.
Cycle indicators still point past-2022 territory
Despite the near-term setup, a widening set of price indicators is now flashing readings last seen during the 2022 bear market. Consensus among most market participants still places the next macro bottom in Q3 2026 or later, keeping the broader risk framing cautious even as short-term flow and technical data improve.
For now, the setup traders are watching is straightforward: ETF flows just turned positive after ten days negative, BTC is defending the $60K–$62K band, and a textbook reversal pattern is forming on both daily and weekly timeframes. Whether the “W” completes will likely set the tone for broader crypto positioning into next week.
Read more: Peter Schiff Says Bitcoin’s Bottom Is “0” After 21-Month Low
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