Bitcoin Struggles Around $60K Amid Bearish Signals
Bitcoin hovers around $60,104 while facing negative price indicators, according to Decrypt. Key resistance levels and bearish charts suggest potential for further declines, despite some bullish activity at critical support levels.
Bitcoin trades at approximately $60,104, seeing a modest recovery after dipping to $58,801. However, the daily price chart indicates warning signs of a bearish trend, including a Relative Strength Index (RSI) of 34, suggesting weakness. The price previously hit a significant low of $58,800 but experienced a brief bounce at the $58,035 support level.
The Average Directional Index (ADX) stands at 36.9, signifying a strong bearish trend. This indicates that Bitcoin's current trajectory is firmly downward, with the market sentiment leaning heavily towards further price declines. Traders on Myriad predict an 80% chance of Bitcoin dropping before a rebound occurs.
The macroeconomic environment may also be affecting Bitcoin; significant selling in spot Bitcoin Exchange Traded Funds (ETFs) led to a loss of approximately $4 billion in June, removing institutional support that had previously provided a cushion against significant drops. Additionally, the Federal Reserve remains hawkish, increasing the likelihood of another rate hike in December. This economic backdrop complicates the outlook for Bitcoin, which is down 53% from its all-time high of $126,198 in October 2025.
The market needs to observe Bitcoin's ability to hold at its current support levels and any potential reactions to macroeconomic indicators that may emerge in the coming weeks. How long bulls can maintain momentum against growing bearish pressures remains uncertain.
Summary based on original reporting by Jose Antonio Lanz at Decrypt, originally published Jun 29, 2026. SolanaWire does not republish source content.
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