Bitcoin Reclaims $60,000 as Dollar Weakens and Stocks Rally at July Open

Bitcoin climbed back above $60,000 during Wednesday’s Wall Street open, reaching $60,470 for a nearly 3% daily gain.

The move came as US stock markets trended higher, partly fueled by Meta shares jumping over 11% in the first hour, while the US dollar index pulled back from local highs near 101.6.

Dollar Weakness Giving Bitcoin Room to Breathe

Speculative long positioning in the US dollar surged to $34.3 billion as of June 23, the highest level in 18 months, according to trading resource The Kobeissi Letter, which warned a broader trend change could arrive soon. Analysts noted the crowded USD long trade as a potential tailwind for risk assets including crypto.

Traders Watch $58K to $61K Range for Decisive Break

Despite the rally, 24-hour long liquidations topped $200 million as the market started July with volatility. Traders are closely watching the $58,000 to $61,000 range, with several analysts suggesting the next significant move, up or down, could produce a decisive breakout rather than continued consolidation.

July Relief Rally Remains the Base Case

Multiple market participants maintained their view that July would produce a meaningful relief bounce following June’s historically bearish monthly candle.