Bitcoin Is in a Fight at $60K—Here's What the Charts Say
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- Bitcoin traded around $60,104 on Monday after dipping to a session low of $58,801, clinging to the $58,035 Fibonacci support anchor; a break below opens a gap to $55,528, with the first recovery target being the $62,644–$63,732 Golden Zone.
- The daily chart shows RSI at 34 (bear territory, just above oversold), ADX at 36.9 (a committed trend is in place), and a death cross with the 50-day EMA near $66,913 well above price and the 200-day EMA near $76,517.
- Spot Bitcoin ETFs bled roughly $4 billion in June, stripping the institutional bid that had cushioned earlier drawdowns, while back-to-back quarterly losses now resemble the 2022 bear market.
- Wall Street rallied — Nasdaq up 1.4%, S&P 500 up 0.8% — after the Supreme Court blocked Trump's attempt to fire Fed governor Lisa Cook and a U.S.-Iran ceasefire eased Strait of Hormuz tensions, yet Bitcoin barely reacted to the risk-on session.
- Myriad, Decrypt parent Dastan's prediction market, has traders pricing an 80% chance Bitcoin dumps to $55K rather than pumping back to $84K.
- Fed Chair Kevin Warsh remains hawkish, with markets pricing an 80% chance of a December rate hike.
- The four-hour chart shows Bitcoin compressing in a $59,200–$60,400 squeeze with leverage, where a break below $59,200 kills the trade and each round trip on 5x yields roughly 21.1% on reinvested capital.
Why it matters: The $58,035 level is Bitcoin's last chart-anchored support before a near-term floor at $55,528, and the $4 billion June ETF outflow means the institutional cushion that absorbed earlier drawdowns has thinned — so any macro shock could now translate directly into spot price rather than being absorbed by steady ETF bids.
