Vikram Subburaj, CEO, Giottus.com
Bitcoin remained under pressure on Monday and traded below the key $60,000 level. At the time of writing, it was trading around $59,500-60,000. The cryptocurrency has now extended its sharp decline from above $73,000 at the start of June. The fall was mainly driven by continued selling through U.S. spot Bitcoin ETFs. Investors also remained cautious as expectations grew that the U.S. Federal Reserve could keep interest rates higher for longer due to persistent inflation. This reduced appetite for riskier assets like cryptocurrencies.
From a technical perspective, Bitcoin continues to trade within a vulnerable range. Immediate support is seen around $58,500-59,000, while a break below this zone could expose the next key support near $55,000. On the upside, $61,500-62,000 remains the first resistance, followed by the stronger $64,000 level that bulls need to reclaim to signal a meaningful recovery.
On-chain data paints a more balanced picture than price action suggests. Despite the correction, long-term holders continue to accumulate coins while exchange balances remain relatively stable. This indicates that the bulk of selling pressure is still coming from institutional fund flows rather than widespread retail capitulation. Order-book data also points to sizeable liquidity clusters around the $60,000-61,000 region, making it an important near-term battleground.
Institutional sentiment remains the key factor to watch. U.S. spot Bitcoin ETFs have seen continued net outflows throughout June. However, the official net flow data for June 28 and 29 could not be independently verified. As a result, those figures are not included here. Broadly, however, ETF demand continues to remain weak, reinforcing the cautious tone across digital assets.
The weakness has extended across the broader crypto market. Ethereum was trading near $1,570, BNB around $550, XRP near $1.05, and Solana around $72, with most large-cap altcoins broadly mirroring Bitcoin’s direction as investors continue reducing exposure across the sector.
Our advice: From an investment perspective, macroeconomic developments remain the dominant driver. Expectations around future Federal Reserve policy, inflation data, and any reversal in ETF flows are likely to dictate near-term price action. Until institutional demand stabilises and Bitcoin decisively reclaims the $62,000-64,000 zone, the market is likely to remain range-bound with a cautious bias.
