Bitcoin faces critical test as bulls aim to hold $60K: Did BTC bottom?
Bitcoin is at a key turning point around $60,300, with retail investors selling while institutions mostly wait. Sentiment is fearful, and June saw $4.4 billion leave U.S. spot Bitcoin ETFs, though corporate BTC holders have largely kept existing positions. Leverage is unwinding in an orderly way: futures open interest and funding costs have fallen, suggesting forced selling has eased, but longs still pay to stay positioned. The main downside risk is a break below $58,800, which could trigger roughly $500 million in liquidations and push BTC toward $56,000. Trading volume is weak, showing little conviction from either side. For a meaningful bullish reversal, Bitcoin likely needs to reclaim $62,000; otherwise, macro headlines could drive it back below $60,000.
