Bitcoin Holds Near $60K as Traders Watch for Signs of Market Bottom

Bitcoin is trading near a critical level as investors debate whether the market has finally reached a bottom. BTC recently hovered around $60,300, while traders closely watched support near $58,800 after weeks of weak momentum and cautious sentiment.

Market data shows retail investors remain under pressure. The Crypto Fear and Greed Index dropped to 18, reflecting growing fear across the market.

During June, US spot Bitcoin ETFs recorded $4.4 billion in outflows, marking the weakest monthly performance this year.

Futures Market Shows Slow Deleveraging

Bitcoin futures open interest currently stands near $19.92 billion, slightly lower than two weeks ago. Funding rates for long positions also declined from 0.25% to 0.12%, signaling that aggressive leverage is easing without panic selling.

Institutions Remain Cautious

While many institutional investors are holding existing positions, large-scale buying activity has slowed. Strategy purchased 3,600 BTC worth about $236 million in June, but broader corporate accumulation remains limited.

Analysts say Bitcoin must reclaim $62,000 to regain bullish momentum. A drop below $58,800 could trigger liquidations worth nearly $500 million and increase pressure toward the $56,000 level.