On 4-hour chart, Bitcoin is trading near 60,000 after sharp decline into 58,000-59,000 area. Rebound still looks technical, as price remains below key moving averages, while nearest resistance is located around 62,000-64,000.
To improve outlook, buyers need to push BTC back above 64,000; until then, sellers keep advantage.
Macroeconomic backdrop
Pressure on Bitcoin increased after fresh US PCE inflation data: May headline figure rose to 4.1% YoY, while core PCE reached 3.4%. This supports expectations for tighter Fed stance and reduces demand for risk assets, including cryptocurrencies. Against this backdrop, BTC recovery remains limited even after local oversold conditions.
ETF flows and market sentiment
Weakness is also linked to caution among institutional investors. Earlier, Bitcoin had already retreated from above 70,000 amid ETF outflows and profit-taking, and on June 24 it fell below 60,000, which WSJ described as its weakest closing level since October 2024. Long-term holders continue accumulating coins, but this has not yet been enough for confident reversal.
Chart scenario
Key support remains in 58,000-60,000 zone. If buyers defend this range, rebound toward 62,000 and then 64,000 is possible. However, break below 58,000 would increase risk of move toward 56,000-55,000. On upside, 64,000-66,000 looks like area where bears may become active again.
Conclusion
Baseline scenario for Bitcoin remains cautiously negative. Chart shows attempt to buy from support, but trend has not reversed yet: price is below moving averages, while macro backdrop and weak risk appetite limit demand. For sentiment to change, as I already noted in Bitcoin rebounds after falling below $60,000 amid ETF pressure and stronger dollar, BTC needs to consolidate above 64,000; until then, growth is better viewed as corrective rebound.
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