Will the $60K BTC price support hold? Here are 5 key things to know in Bitcoin this week

Can $60K BTC price support hold? 5 things to know in Bitcoin this week

• Bitcoin sentiment is taking a serious beating after BTC price weakness sees six-week lows return.

Bitcoin kicks off the last week of June, heading for a range-low retest as BTC price action nears $60,000. Dropping another 1.25% since the June 24 daily close, Bitcoin (BTC) continues to test bulls’ nerve with a trip ever deeper into core resistance. Whether this holds or not is now the key question for the coming days, with the monthly close looming.

To get this far, Bitcoin has already given up multiple moving averages and plunged short-term holders into the red by moving below their aggregate cost basis. Demand is thus seeing something of a temporary setback, and the focus is on whales in particular amid the lowest prices in over a month. Factors adding fuel to the volatility mix this week include the classic United States unemployment data release on June 28, along with revised second-quarter gross domestic product (GDP) figures, followed a day later by the Fed’s “preferred” inflation gauge.

Bitcoin thus has its work cut out if a rebound is to set in before the monthly and quarterly close, with BTC/USD now down 7% in June so far.

BTC price hits new six-week lows

Bitcoin disappointed after its latest weekly close, dropping steadily to hit $62,128 on Bitstamp, data from Cointelegraph Markets Pro and TradingView confirms. This represents its lowest levels since May 15, and with the weekly and quarterly close due in the coming days, bulls now contend with 7% month-to-date losses.

PCE week comes as traders focus on Fed liquidity

The macroeconomic data whirlwind is set to make a return in the latter half of the week as U.S. jobless claims, revised Q2 GDP and the May print of the Personal Consumption Expenditures (PCE) index are all released. Crypto markets have shown themselves to be sensitive to unemployment data, particularly in 2024, while PCE is known to be the Fed’s “preferred” gauge for charting progress on inflation.

Stocks leave crypto in the dust

In a curious contrast, Bitcoin and crypto weakness come at a time when U.S. stocks are outperforming. The S&P 500 made new all-time highs last week, underscoring an inverse correlation with Bitcoin that has caught many off-guard.

Bitcoin whales under the microscope

As Bitcoin heads toward $60,000, some are asking whether current levels represent an attractive trade to the whale population. Recent weeks have seen order book “spoofing” driving prices toward liquidity on multiple occasions, producing artificial volatility.

Crypto sentiment closes in on 2024 lows

At 51/100 as of June 24, the Crypto Fear and Greed Index is nearing its lowest levels of 2024. A comparatively small market cap decrease in percentage terms speaks volumes when viewed from a sentiment perspective. The overly sour mood was not lost on longtime traders.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.