Bitcoin briefly fell below $59,000 late Thursday as selling pressure spread across the cryptocurrency market.
summary
- Bitcoin’s price drop below $59,000 came as ETF outflows and long liquidations deepened the squeeze across markets.
- Short holders are sending bitcoin to exchanges at a loss, raising questions about capitulation and seller fatigue.
- Technical indicators remain fragile, with the RSI near the oversold zone and $59,000 to $60,000 still the key support area.
The move pushed BTC to an intraday low near $58,189 before it rebounded slightly towards the $60,000 region.
According to crypto.news market DataBitcoin remains under pressure after losing the $60,000 level during the recent sell-off. The move kept traders focused on whether the $59,000-$60,000 area could move back to support.
The sell-off also came as major tokens weakened. Ethereum fell near $1,500, while altcoins saw larger losses as leveraged positions were forced out. This decline came after several days of weak demand for ETFs and weak risk appetite across cryptocurrency markets.
Ditto I mentionedBitcoin actually rebounded toward $62,000 after $459 million was exodus from ETFs, but sellers maintained control. That rebound has now fizzled out, sending Bitcoin back near the same support area that traders saw during June.
Outflows and liquidations of Bitcoin ETFs add pressure
U.S. Bitcoin ETFs lost $696 million on Thursday, according to a report SoSoValue ETF data. The outflow extended the period to six consecutive trading days of net redemptions. US Ethereum ETFs also lost $81.9 million, marking the sixth straight day of outflows.
Bitcoin ETF selling was widespread. BlackRock’s IBIT fund, the largest fund, accounted for about $63 million in outflows. Fidelity’s FBTC lost $3.5 million, while Grayscale’s funds saw a vacation of about $23 million. No fund recorded strong inflows during the session.
Leveraged traders also faced a sharp wipeout. according to Coinglass datamore than $1 billion USD worth of cryptocurrency positions were liquidated over a 24-hour period. Long-term traders bore most of the damage, with $842 million worth of long positions closed.
Bitcoin led the liquidation wave with about $489 million in forced shutdowns. Ether followed with around $295 million. The largest single liquidation was a $38.05 million BTC-USD trade on Hyperliquid, showing how quickly large leveraged bets can be removed.
Bitcoin traders are seeing a range between $59,000 and $60,000
Cryptocurrency trader Daan Crypto Trades said that Bitcoin has captured a lot of liquidity around the $60,000 area. In a Share on XThe largest pool of liquidity now lies near $67,000, around the June high, he said.
He added that the area between $59,000 and $60,000 remains key. If Bitcoin forms a range and buyers defend that area, the market may stabilize. If BTC slowly returns to the same support again, he warned that it could be preparing for another bearish leg on a higher time frame.
Another market watcher, Batman, said that Bitcoin is close to printing the weekly death cross. He said that the last death cross did not mark the exact bottom. Instead, it led to a long consolidation phase before the final cycle low.
EGRAG CRYPTO also indicated a bearish crossover between the 13-week and 33-week moving averages. He said a two-week close above $74,000 would weaken the downtrend. Until then, he said the cycle bottom window remains open, with bearish areas around $47,000, $43,000 and $37,000.
Technical indicators remain fragile
Bitcoin’s short-term indicators are showing weak momentum, even after a small recovery. The MACD is showing a moderate bullish crossover, with a slightly positive histogram near 16.31. The MACD line is located around -2,269.45, above the signal line near -2,285.76.
This setup means that the downward momentum has slowed. However, both lines remain well below the zero line. This keeps the signal weak and shows that the recovery has not yet changed the broader trend.
The Relative Strength Index stands near 32.98, below its moving average around 37.77. This keeps Bitcoin close to the oversold zone. Buyers have not regained control as the RSI remains well below the neutral 50 mark.
Trading volume is approaching 12K, with selling volume increasing during the June decline. The last candle shows a slight recovery, but the market still lacks strong confirmation. Bitcoin needs to recover between $62,800 and $65,000 to show that buyers are regaining control in the short term.
Short term owners show stress
CryptoQuant analyst Amr Taha He said The market cap of short-term Bitcoin holders fell to $237.7 billion on June 26. This was its lowest level since October 2, 2024, when the number was near $239.7 billion. This decline shows that many new buyers are now holding unrealized losses.
He also noted that the Cryptocurrency Fear and Greed Index dropped to 12 on June 25, putting the market in extreme fear mode as Bitcoin traded near $59,700. The reading is not the lowest of the year, but it comes with a lower price for Bitcoin, showing deeper pressure among new buyers.
Taha too He said Short holders sent about 50,000 BTC to exchanges at a loss over a 24-hour period. Binance received about 9,500 BTC from that group, its highest reading since early June. Exchange transfers do not prove that all coins have been sold, but they do show that more bitcoin has moved to places where it can be traded.
As crypto.news reported, Bitcoin antiquities A major liquidation wave after falling below $60,000. Previously, crypto.news exploration How the $60,000 support area came under pressure after the bearish chart collapse.
Macro news may help reduce panic, but it has not changed the chart yet. A tentative peace deal between the United States and Iran gives UN nuclear inspectors access to Iran, although the details remain disputed.
For Bitcoin, the near-term test is simpler: hold $59,000 to $60,000, or risk another move lower.
Disclosure: This article does not constitute investment advice. The content and materials contained on this page are for educational purposes only.
