Vikram Subburaj, CEO, Giottus.com
Bitcoin traded near $61,465 in early Asian hours on Friday, up about 2.4 per cent over 24 hours, according to CoinMarketCap. Reuters recorded it at $61,306 slightly earlier. The recovery above $60,000 has helped stabilise market sentiment. This follows this week’s decline towards $58,000. However, it is still not enough to confirm a durable trend reversal.
Immediate support lies at $60,000, near Bitcoin’s latest 24-hour low of $60,038. The next support region is $57,750-58,300, covering this week’s swing-low area. Resistance is visible at $62,100, close to the 24-hour high, followed by $64,000-65,000. A sustained close above the latter zone would materially improve the short-term market structure.
On-chain signals are becoming more constructive. Glassnode said long-term holders had returned to accumulation, with buying broadening across wallet sizes. However, approximately 10.83 million BTC remained at an unrealised loss, compared with 9.22 million BTC in profit. Leveraged traders were also leaning aggressively long, leaving the market vulnerable to renewed liquidations if $60,000 fails.
US spot Bitcoin ETFs recorded at least $263.9 million in net inflows on July 2, led by Fidelity’s FBTC and ARK’s ARKB. The figure remained provisional because BlackRock’s IBIT flow had not been reported. There will be no regular July 3 ETF flow because US markets are closed for the Independence Day holiday.
The macro backdrop improved after US payroll growth slowed to 57,000 in June, below the Reuters consensus of 110,000. Rate futures assigned less than a 20 per cent probability to a July Federal Reserve rate hike. Meanwhile, September expectations moved closer to being evenly balanced. Attention now shifts to the July 8 FOMC minutes and the June CPI release on July 14.
Excluding stablecoins, the leading altcoins were positive. Ethereum traded near $1,709, BNB at $560, XRP at $1.09, Solana at $81.24 and TRON at $0.3169. Ethereum and Solana led the latest rebound.
Our advice: Bitcoin must hold $60,000 and clear $62,100 before confidence improves. Until ETF inflows broaden and macro uncertainty eases, investors should avoid chasing short-term rallies and maintain disciplined risk limits.
