Bitcoin fell to around $58,075, setting a new low for the current cycle after a failed recovery earlier in June. The asset was trading near $59,100 on June 5, then surged to $64,185 and extended the move to $67,248 on June 15. That advance did not hold. Selling pressure built quickly at higher levels, sending the price back toward the $58,000 area.
At the time of publication, Bitcoin was hovering near $60,300 and still showing losses across several timeframes. It was down about 2.35% on the day, 21% over the past month, and roughly 31% since the start of the year. The slide points to continued pressure from sellers rather than a stable rebound.
Lost support levels remain out of reach
Daily chart analysis shows a clear breakdown after Bitcoin lost a key support area. Attempts to reclaim that level failed, which kept the broader bearish structure intact. Analysts said the market’s inability to move back above former support reinforced the weak setup, and the recent bounce looked more like a temporary recovery inside a larger decline than a lasting reversal.
Technical readings also stayed soft. Bitcoin did not climb back above prior support zones or key exponential moving averages, a sign that both the short-term and medium-term picture remains under pressure. What briefly looked like a reversal was not confirmed by the indicators, leading analysts to describe the move as a classic bull trap.
RSI divergence adds to bearish signals
During the rebound attempt, the Relative Strength Index, or RSI, showed a hidden bearish divergence. That pattern has often been associated with trend continuation in previous market phases. Since RSI is used to measure the speed and strength of price moves, the signal added weight to the view that bearish momentum was still dominant.
On-chain metrics suggest the bottom is not in yet
CryptoQuant founder Ki Young Ju said Bitcoin may not have reached a cyclical bottom. He pointed to the four-year moving realized price risk-reward ratio and noted that the market price remains above the realized price, a metric that reflects the average cost basis of holders. In earlier cycles, Bitcoin moved closer to that area before a bottom formed.
He added that this pattern has not appeared in the current cycle. If Bitcoin does not approach realized price more closely before stabilizing, the present market structure would differ from what was seen in prior cycle bottoms.
Short-term holders remain underwater
CryptoQuant analyst Zizcrypto said the metric tracking realized price change among short-term holders turned negative in mid-March and kept falling through June. By June 23, it had reached about -24%. The reading suggests short-term traders are underwater relative to last year’s average cost, while buying strength from newer market participants remains weak.
Zizcrypto also compared the current decline with previous market resets. In earlier cycles, similar indicators dropped between 55% and 65%. The current pullback is not as deep, but short-term momentum has still not recovered.