Bitcoin bounced back toward $62,000 after slipping below the $60,000 mark, with the price climbing to around $61,800 on June 25. The rebound followed a sharp selloff, but the move came after $459 million in net outflows from U.S. spot Bitcoin ETFs, leaving the broader tone cautious rather than bullish.
A day earlier, Bitcoin fell as much as 5.7% and touched an intraday low near $59,175. The recovery was helped by dip buying after the four-hour RSI dropped to its lowest reading since August 2023. Long liquidations below the psychologically important $60,000 level also flushed leveraged positions and set up a short-term bounce.
Supply concerns remain active in the market
Traders are still watching several sources of potential selling pressure. Creditors of the collapsed Mt. Gox exchange are expected to begin receiving roughly $9 billion worth of Bitcoin in July, raising concern that part of those coins may be sold. At the same time, the German government continues to move seized Bitcoin to centralized exchanges, adding another layer of near-term supply risk.
Institutional demand has also weakened. U.S. spot Bitcoin ETFs posted $459 million in net outflows on Wednesday, one of the largest daily withdrawals seen in recent weeks. The report linked that retreat to persistent inflation data, which kept markets pricing higher U.S. rates for longer, while the U.S. dollar stayed firm against major currencies.
$62.8K to $65K remains the zone to clear
Even after the bounce, Bitcoin remains below several technical levels that traders are watching closely. On the four-hour chart, price is still capped by a descending trendline that has limited every recovery attempt since mid-June. Bitcoin also remains below the 23.6% Fibonacci retracement near $62,770. The next major resistance sits around $65,000, followed by the 50% retracement near $66,825.
Momentum indicators have not confirmed a trend reversal. The four-hour RSI has recovered from oversold territory, but it is still below the neutral 50 mark. MACD remains below its signal line and its histogram bars are still negative, showing that bearish momentum has not disappeared. On the daily chart, Bitcoin continues to trade below the Supertrend indicator near $67,866, while the Aroon indicator shows Aroon Down above 90 and Aroon Up below 30, a structure that points to sellers staying in control.
Another test of $59,175 is still possible
Derivatives positioning supports that cautious view. CoinGlass liquidation heatmaps show a dense short liquidation cluster between $62,000 and $62,800, with another larger concentration around $63,000 to $64,000. Those levels could act as upside magnets if buyers regain control, but they could also draw in fresh short positions if the rebound stalls.
Analyst Ted Pillows said the current rally had been driven mostly by short covering, adding that Bitcoin could see another push higher if spot demand returns and price reclaims $65,000. Analyst Lennaert Snyder said funding rates have already turned negative across most exchanges, which supports the view that short sellers still dominate positioning. He also pointed to the $62,000 to $62,800 area as the first region where bears may try to re-enter.
Unless Bitcoin can reclaim the $62,800 to $65,000 resistance zone with stronger spot demand and better ETF flows, the rebound remains exposed. A failure there would leave the market vulnerable to another move toward $59,175. A decisive break below that support could trigger another wave of leveraged liquidations, especially if ETF outflows continue, the U.S. dollar stays strong, rate-cut expectations keep getting delayed, or additional selling emerges from Mt. Gox distributions and government-linked wallets.