Bitcoin rebounded sharply after falling to a 2026 low of $57,800, climbing back to $59,827 at the time of writing for a 2.96% gain over 24 hours. The move lifted the asset by nearly $2,000 from the intraday bottom and pushed it back toward the $60,000 level. Ether moved higher as well, rising to $1,607.99 with a 2.91% daily gain after touching a 24-hour low of $1,552.
The rebound triggered a broad short squeeze across the market. CoinGlass data cited in the source showed $450.7 million in total liquidations over the past 24 hours, including $170.3 million in long liquidations and $279.0 million in short liquidations. Shorts accounted for 62% of the total. Over the past 12 hours alone, liquidations reached $322.9 million, while the largest single liquidation order came in at $7.16 million.
A relief bounce after June’s heavy selloff
The source described the move as an oversold bounce rather than a rally driven by fresh fundamental support. Bitcoin fell 20.48% in June, its worst monthly performance of 2026 so far. During the same month, spot Bitcoin ETFs posted roughly $4.5 billion in net outflows, the largest monthly outflow on record and 29% worse than the previous low point.
On July 1, Citi cut its 12-month price targets for both Bitcoin and Ether, pointing to fading ETF demand and weaker institutional buying. At the same time, seasonal data remains part of the market conversation. July has historically been a recovery month for Bitcoin, with an average monthly return of 7.25%. Attention is now turning to the July 28-29 FOMC rate meeting.
Solana leads major tokens higher
Altcoins joined the rebound, with Solana posting the strongest move among major assets. SOL traded at $77.58, up 6.64%, and earlier touched $78.96, marking a 14-day high. The source also noted CoinGecko data showing a cycle peak of $78.33 around 06:02 in the morning.
XRP also advanced, trading at $1.0502 with a 2.17% gain, while its 24-hour high reached $1.0738. As Bitcoin, Ether, SOL and XRP all moved up together, the total crypto market capitalization recovered and near-term pressure on bearish positions eased.
Fear index recovers, but stays in extreme fear
Market sentiment remained fragile. The Crypto Fear & Greed Index stood at 19, still in extreme fear territory, though up from 11 a day earlier. The source said readings at this level have often aligned with local market lows, but whether sentiment can keep improving is still unclear.
The report also highlighted a divergence between crypto and U.S. equities. On July 1, the Dow Jones Industrial Average fell 0.03%, the S&P 500 lost 0.22%, and the Nasdaq declined 0.66%, while crypto prices moved higher during the same stretch. For now, traders are watching capital flows and ETF subscription-redemption data ahead of the next FOMC decision.