Bitcoin briefly fell below $59,000 late Thursday as selling pressure spread across the crypto market.
Summary
- Bitcoin’s break below $59K came as ETF outflows and long liquidations deepened pressure across markets.
- Short-term holders are sending BTC to exchanges at a loss, raising capitulation and seller-exhaustion questions.
- Technical indicators remain fragile, with RSI near oversold and $59K-$60K still the key support zone.
The move pushed BTC to an intraday low near $58,189 before a small rebound toward the $60,000 area.
According to crypto.news market data, Bitcoin remains under pressure after losing the $60,000 level during the latest selloff. The move kept traders focused on whether the $59,000-$60,000 area can turn back into support.
The selloff also came as major tokens weakened. Ether fell near $1,500, while altcoins saw larger losses as leveraged positions were forced out. The drop followed several days of weak ETF demand and poor risk appetite across crypto markets.
As previously reported, Bitcoin had already rebounded toward $62,000 after a $459m ETF exodus, but sellers kept control. That rebound has now faded, leaving BTC back near the same support zone that traders have watched through June.
Bitcoin ETF outflows and liquidations add pressure
U.S. spot Bitcoin ETFs lost $696m on Thursday, according to SoSoValue ETF data. The outflow extended the run to six straight trading days of net redemptions. U.S. spot Ether ETFs also lost $81.9m, marking their sixth straight day of outflows.
The Bitcoin ETF selling was broad. BlackRock’s IBIT, the largest fund, accounted for about $63m of the outflows. Fidelity’s FBTC lost $3.5m, while Grayscale’s funds saw about $23m leave. No fund posted strong inflows during the session.
Leveraged traders also faced a sharp wipeout. According to CoinGlass data, more than $1b in crypto positions were liquidated over 24 hours. Long traders took most of the damage, with about $842m in long positions closed.
Bitcoin led the liquidation wave with about $489m in forced closures. Ether followed with about $295m. The largest single liquidation was a $38.05m BTC-USD position on Hyperliquid, showing how quickly large leveraged bets were removed.
Bitcoin traders watch $59K-$60K range
Crypto trader Daan Crypto Trades said Bitcoin had taken much of the liquidity around the $60,000 region. In a post on X, he said the biggest liquidity cluster now sits near $67,000, around the June high.
He added that the $59,000-$60,000 area remains key. If Bitcoin forms a range and buyers defend that area, the market could stabilize. If BTC slowly returns to the same support again, he warned that it may prepare for another higher-timeframe leg lower.
Another market watcher, BATMAN, said Bitcoin is close to printing a weekly death cross. He argued that the last death cross did not mark the exact bottom. Instead, it led to a long consolidation phase before the final cycle low.
EGRAG CRYPTO also pointed to a bearish cross between the 13-week and 33-week moving averages. He said a two-week close above $74,000 would weaken the bearish setup. Until then, he said the cycle-bottom window remains open, with downside zones around $47,000, $43,000 and $37,000.
Technical indicators remain fragile
Bitcoin’s short-term indicators show weak momentum, even after the small rebound. The MACD shows a mild bullish crossover, with the histogram slightly positive near 16.31. The MACD line sits around -2,269.45, just above the signal line near -2,285.76.
That setup means downside momentum has slowed. Still, both lines remain far below the zero line. This keeps the signal weak and shows that the recovery has not yet shifted the broader trend.
The RSI stands near 32.98, below its moving average around 37.77. This keeps Bitcoin close to oversold territory. Buyers have not regained control because RSI remains well below the neutral 50 mark.
Volume is near 12K, with heavier selling volume during the June decline. The latest candle shows a small rebound, but the market still lacks strong confirmation. Bitcoin needs to reclaim $62,800-$65,000 to show that buyers are taking back short-term control.
Short-term holders show stress
CryptoQuant analyst Amr Taha said Bitcoin’s short-term holder market cap fell to $237.7b on June 26. That was its lowest level since Oct. 2, 2024, when the figure was near $239.7b. The drop shows that many recent buyers are now holding unrealized losses.
He also noted that the Crypto Fear & Greed Index fell to 12 on June 25, placing the market in Extreme Fear as Bitcoin traded near $59,700. The reading is not the lowest of the year, but it comes at a lower BTC price, showing deeper stress among recent buyers.
Taha also said short-term holders sent about 50,000 BTC to exchanges at a loss over 24 hours. Binance received about 9,500 BTC from that group, its highest reading since early June. Exchange transfers do not prove that all coins were sold, but they show that more BTC has moved to venues where it can be traded.
As crypto.news reported, Bitcoin triggered a large liquidation wave after falling below $60,000. Previously, crypto.news explored how the $60,000 support zone came under pressure after a bearish chart breakdown.
Macro news may help limit panic, but it has not yet changed the chart. An interim U.S.-Iran peace accord gives UN nuclear inspectors access to Iran, although details remain disputed.
For Bitcoin, the near-term test is simpler: hold $59,000-$60,000, or risk another move lower.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
