Crypto Markets Search for a Bottom as Bitcoin Struggles

Introduction

Crypto markets remain under pressure as Bitcoin struggles to regain the $60,000 level, while weakness in global risk assets and concerns over sticky inflation continue to weigh on sentiment. At the same time, selected altcoins are showing signs of recovery, although onchain data suggests momentum remains fragile. Across Bitcoin, Solana, Ether, and Binance-related flows, traders are watching key support levels, whale activity, regulatory developments, and broader market confidence to determine whether the current weakness is nearing a bottom or setting the stage for deeper losses.

Bitcoin Loses Its $60K Grip

Bitcoin fell below $60,000 and closed under that level for the first time since September 2024, raising concerns that this former support could now turn into resistance. The decline came as global markets remained under pressure, especially after another sharp sell-off in Asian tech stocks. Investors are also worried that inflation remains too high, which could limit hopes for easier Federal Reserve policy and keep pressure on risky assets such as stocks and crypto. For Bitcoin to regain confidence, traders are watching whether it can recover above the 200-week moving average near $62,000 and build stronger upside momentum.

Solana Rebounds but Momentum Fades

Solana rebounded to $72 after falling near $64, supported by optimism around tokenized stock trading and hopes for future airdrops. Tokenized stocks on Solana saw strong activity, with more than $113 million traded in 24 hours. However, onchain data shows weaker momentum beneath the surface. Solana’s total value locked fell 11% over the past month, while decentralized exchange volumes dropped sharply from earlier highs. With stronger competition from Hyperliquid and other platforms, SOL may struggle to reclaim $80 without broader network demand.

Technical Analysis

Bitcoin remains under pressure, trading below the key 60,000 level and maintaining a downward structure beneath both the 20- and 50-period Exponential Moving Averages. This keeps the short-term trend tilted to the downside. Momentum conditions also support the bearish view, with the Momentum Oscillator holding below the 100 baseline and the Relative Strength Index staying below the 50 threshold, both indicating that sellers remain in control.

A decisive move above 60,000 would weaken the bearish outlook in the near term and could open the way for a recovery toward 67,207 and 73,317. On the downside, 53,999 is the first support level to watch. A clear break below this area would damage any reversal attempt and shift focus toward 45,836, followed by 32,629.

Bitcoin Bulls Look for a Bottom

Bitcoin is trying to recover above $60,000 as some analysts point to a bullish RSI divergence, a signal that price weakness may be losing momentum. The setup has drawn comparisons with the 2022 bear-market bottom, when a similar RSI pattern appeared before Bitcoin formed a lasting low. Buyers also seem to be defending the $60,000 area, which traders see as encouraging. However, not everyone is convinced that the worst is over. Some analysts still expect another drop toward $55,000, while others warn that any July rebound could fade and lead to renewed downside in August.

Ether Whales Face the $1.5K Test

Ether is facing a key confidence test near the $1,500 support level after old wallets moved 37,806 ETH for the first time in years. Some long-term holders sold part of their positions, adding fresh supply to the market, while other large investors continued to accumulate ETH. This shows mixed sentiment among whales. At the same time, major whale groups are now sitting on unrealized losses for the first time since 2019, increasing pressure on holders. Traders are watching $1,500 closely, as a break below it could weaken the long-term bullish view and open the door to deeper losses.

Binance Outflows Rise as MiCA Deadline Nears

Binance saw more than $400 million in net outflows during the week of June 22 as the EU’s MiCA deadline approached. The move came after Binance withdrew its MiCA license application in Greece and prepared to restrict some services for affected EU users from July 1. However, the outflows represented only a small share of Binance’s total assets, and there were no clear signs of a major user migration. Rival exchanges such as OKX, Bitget and Bitfinex attracted inflows, but the winners remain unclear. Binance says Europe remains important and it still plans to pursue regulatory approval.

Conclusion

Overall, crypto markets remain in a cautious phase, with Bitcoin’s struggle around $60,000 setting the tone for broader sentiment. While bullish divergence signals and selected altcoin rebounds offer some hope for stabilization, weak momentum, whale pressure, and regulatory uncertainty continue to limit confidence. For now, traders are likely to remain focused on key support and resistance levels, onchain activity, and macro conditions. A strong recovery above major technical levels could improve sentiment, but failure to hold support may keep the market vulnerable to deeper downside.