Bitcoin rebounds after falling below $60,000 amid ETF pressure and stronger dollar
Bitcoin remains under pressure after a sharp drop below $60,000 on June 24. According to LSEG, after hitting a low near $59,062, the price partially recovered toward the $61,000-62,000 area, but the momentum still looks weak.
The main negative drivers remain profit-taking, outflows from crypto funds, a stronger dollar, and investor caution ahead of possible further Fed tightening.
ETFs and macroeconomics
The negative backdrop was reinforced by weak performance in spot Bitcoin ETFs. The iShares Bitcoin Trust fell more than 4% on June 24 and moved close to its lowest closing level since September 2024, confirming softer institutional demand. Pressure is also coming from the stock market, where a sell-off in the technology sector and rate concerns have weakened risk appetite.
On-chain and positioning
Another risk factor is the deterioration in short-term positioning. After the drop below $60,000, some leveraged long positions were liquidated, reducing market overheating but failing to restore confident demand. At the same time, according to market analysts, long-term holders have not yet shown signs of capitulation, so the key question for the coming sessions is whether the $59,000-60,000 area becomes an accumulation base or only a temporary pause before another decline.
Technical picture from the chart
Based on the current move, the key support zone is around $59,000-60,000. As long as Bitcoin holds above it, a rebound toward $62,500-64,000 remains possible, but to restore the bullish scenario, the price needs to consolidate above $64,000. A break below $59,000 would increase the risk of a move toward $56,000-57,000.
Conclusion
In the short term, Bitcoin remains vulnerable. The rebound from the lows shows some buying interest, but without renewed ETF inflows, as noted in Bitcoin remains under pressure below $64,000 amid risk-off sentiment, and a weaker dollar, any upside may remain technical. The base scenario assumes trading in the $59,000-64,000 range, where a clear breakout in either direction will set the next impulse.
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