Viewpoint: Why is Bitcoin Still Struggling to Break Above $60,000?
Bitcoin continues to struggle to decisively break above the $60,000 level, largely trading between $58,000 and $61,000. Three main pressures are identified for this consolidation. First, US spot Bitcoin ETFs experienced their worst month of net outflows in June, weakening institutional buying support. Second, the expiry of a massive batch of Bitcoin options around $100 billion on Deribit around June 26 created crowded trading and hedging activity near the $60,000 strike price, amplifying volatility. Third, a more hawkish Federal Reserve stance and resilient US economic data have tempered expectations for rapid interest rate cuts, strengthening the dollar and weighing on risk assets like Bitcoin.
The current technical picture suggests a tug-of-war within a range. Key resistance is seen at $62,000; a sustained move above this level is needed to confirm a stronger recovery. On the downside, support lies around $58,000, with a break potentially opening the door to a test of the $55,000-$56,000 zone. For Bitcoin to sustainably reclaim $60,000 as support, a reversal in ETF fund flows, a more favorable macro environment, and a clear technical breakout above $62,000 are likely required. Until then, $60,000 remains a significant price barrier.
marsbitHace 38 min(s)
