BTC Falls Under $60,000 As Traders Predict A Relief Bounce

Bitcoin hit new two-week lows at Wednesday’s Wall Street open, slipping below $60,000 for the first time since June 10. Traders say price action is edging closer to range lows, which they still see holding, and predict a relief bounce toward $70,000 — a rally some described as a "poor" lower high.

Market participants cautioned that rising funding rates and increasing short interest raise the odds of a capitulatory move lower. "It's time to start bouncing soon on the LTF," trader Killa wrote, adding "Range bound till proven otherwise." He also uploaded a chart showing a relief bounce toward $70,000.

Fellow trader RektProof offered a similar outlook, calling $60,000 the floor "for the rest of the month." He forecasted: "Overall, a move to supply and back down to the EQ lows before forming back to poor highs + 70k." On the macro side, progress on a US–Iran peace deal had little bullish impact, with US stocks treading water at the open.

United States, Wall Street

bitcoin, btc, 60k, 70k, relief bounce, range lows, funding rates, short interest, wall street, us iran