$60.4K Becomes 'most important area:' Five things to know in Bitcoin this week
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- Bitcoin touched $63,960 at the weekly close — its highest level since June 23 — triggering more than $100 million in crypto short liquidations over 24 hours, per CoinGlass and TradingView data.
- Trader Killa identified $60,400–$60,900 as Bitcoin's "most important" support zone, warning that failing to hold it would send prices "directly to the lows again."
- The S&P 500 is trading within a bullish continuation pattern after a 15% second-quarter gain, with the equal-weight index, Russell 2000, and NYSE advance/decline line all hitting record highs, per Mosaic Asset Company.
- Bitwise European head of research Andre Dragosch flagged a bear-market warning from BCA Research's MacroQuant Equity Risk Model, warning of a possible pre-midterm stock correction but arguing crypto had already priced in much of the downside.
- Binance whale inflows fell by nearly $2.4 billion since mid-June — roughly twice the rate of retail inflows — reducing large holders' share of exchange-bound Bitcoin supply, per CryptoQuant's Amr Taha.
- The Crypto Fear & Greed Index climbed to 24/100 on Monday, more than double its score at the start of July, though it remains in "Extreme Fear" territory, per Alternative.me.
Why it matters: With Bitcoin pressing the $65,000 level bulls need to clear, the $60,400–$60,900 zone flagged by trader Killa decides whether BTC revisits recent lows or breaks toward the 100-day moving average at $69,500. Cooling whale selling — Binance inflows down roughly $2.4 billion since mid-June — combined with the Fear & Greed Index doubling off its lows indicates heavy distribution pressure has eased.
