Bitcoin Faces Crucial $60,000 Test as Market Divides
Bitcoin retested $60,000 amid volatility in risk assets and capital outflows, with the round-number threshold likely to determine whether the market can establish an interim bottom. SoSoValue data showed U.S. spot Bitcoin ETFs recorded $4.4 billion in net outflows in June 2026. Most corporate treasuries, however, did not reduce their holdings. Strategy spent $236 million that month to buy 3,600 BTC, underscoring the market divide.
Cointelegraph reported on June 29, 2026, that Bitcoin was hovering at $60,300 after touching an intraday low of $58,800. A break below that level could trigger the forced liquidation of about $500 million in long positions and send the price toward $56,000. Marketwide futures open interest fell to $19.92 billion from $20.1 billion two weeks earlier, while funding rates dropped to 0.12% from 0.25%. A return above $62,000 would be needed to improve the bullish outlook.
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The history behind this eventBitcoin Tests $60,000 Support as ETFs End Outflow Streaks
The $60,000 level is more than a psychological round-number threshold. Deribit Chief Commercial Officer Jean-David Péquignot said most ETF buyers, whales and short-term traders who entered the market over the past year have cost bases between $60,000 and $67,000. The strike also has $1.2 billion in open put interest, and a break below it could force market makers to sell for hedging purposes and trigger leveraged liquidations.
U.S. spot Bitcoin ETFs recorded net inflows of $3.05 million on June 5, ending a 13-day streak of outflows totaling $4.4 billion. BlackRock's IBIT attracted $47.66 million. Ether ETFs took in $19.3 million, all through ETHA, ending a 17-day outflow streak. Bitcoin fell as low as $59,060 on June 24, leaving support on uncertain footing.
Bitcoin Price Swings as Market Splits Over Support at $60,000
Bitcoin has recently traded in a volatile range near $66,000, driven by selling pressure at the U.S. stock market open and expectations surrounding U.S. government tariff policy. Oil’s return to above $100 a barrel has intensified inflation concerns and pressure on risk assets. That has made $65,000 a key battleground between bulls and bears, with a break below it potentially putting the psychological $60,000 level to the test.
As of July 19, 2026, market views compiled by Cointelegraph were sharply divided. Some traders said BTC remained resilient, while analysts described $65,000 as an “entry zone” but warned that failure to hold the level could send the price back to $60,000. Near-term attention is focused on U.S. equities, tariff developments and oil prices above $100 a barrel.
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