Bitcoin prices have been unable to break out of the $60,000 range as billions of dollars of options expire and persistent ETF selling has kept buyers on the sidelines.
According to data from crypto.news, Bitcoin ($BTC) The price fluctuated between about $58,000 and $61,000 for about a week before trading at about $59,900 on June 29th. Market participants are struggling to build momentum in either direction as derivatives positioning, institutional outflows and macro uncertainty continue to outpace new buying demand.
The immediate trigger was the expiration of monthly Bitcoin options, with approximately $11 billion worth of contracts expiring. A large concentration of put open interest around the $60,000 strike reportedly forced market makers to aggressively hedge their exposure, resulting in mechanical buying and selling that kept Bitcoin pinned near psychological levels rather than allowing for a sustained breakout.
At the same time, spot Bitcoin exchange traded funds remain under pressure. The US Spot Bitcoin ETF recorded net outflows of nearly $1.79 billion last week, the largest weekly outflow in 2026, according to SoSoValue.
Cumulative net outflows over the past month have exceeded $6 billion, forcing fund managers to sell the underlying Bitcoin to meet investor redemptions. These sales added steady supply to the spot market at a time when speculative demand was already weakening.
Additionally, capital continues to flow into artificial intelligence and semiconductor stocks as investors prefer companies with strong earnings prospects over volatile assets. After financing concerns over leveraged Bitcoin government bond companies weighed on prices, the crypto market simultaneously absorbed fresh deleveraging, contributing to more than $800 million in long-term liquidations during last week’s selloff.
Meanwhile, macroeconomic conditions have provided little support. Sustained US inflation and a resilient labor market have reduced expectations for short-term interest rate cuts from the Federal Reserve, keeping Treasury yields elevated and supporting the US dollar.
Oil prices have rebounded to around $70 a barrel after the United States and Iran paused further attacks ahead of renewed talks over the Strait of Hormuz. Although concerns about near-term supply disruptions abated, investors remained cautious about risk assets as geopolitical tensions in the region persisted.
Technical structure locks Bitcoin into compression range
The daily chart shows Bitcoin trading well below the supertrend resistance near $66,100 and maintaining its dominant bearish trend despite repeated attempts to stabilize above $60,000. The Aroon indicator also favors sellers, with the Aroon downside holding above 70 while the Aroon upside remains at zero, indicating that bearish momentum still dominates the higher time frames.
The 4-hour chart shows a similar situation. Bitcoin continues to trade below the downtrend line, which has limited any recovery since the June crash.
Bitcoin price also failed to regain the 61.8% level near $60,975 and remains below the 78.6% Fibonacci retracement near $59,700. Momentum indicators remain mixed, with the RSI hovering around 44, while the MACD is flat after a slow recovery, suggesting neither buyers nor sellers have a decisive advantage at this point.
The positioning of derivatives strengthens that view. CoinGlass liquidation data shows that there is a concentrated liquidity cluster around $61,000 to $61,800 above the current price, while another large concentration is located around $57,500 to $58,000 above the market price. These pools continue to attract short-term price action as traders place positions around high leverage liquidation zones rather than establishing directional trends.
Commenting on the current setup, analyst Lennart Snyder wrote, “We are still in the same range and liquidity is building on both sides here,” adding that the main areas of interest remain shorts near $61,000 to $61,800 and longs near $57,500 to $57,800.
Losing critical support can cause the next leg to drop
The current consolidation leaves Bitcoin vulnerable if a major support level fails.
According to analyst Ted Pillows, Bitcoin first needs to regain the $62,000 area for a meaningful rescue rally to develop. He warns that a loss of the $58,000 level will push Bitcoin “up towards the $55,000-$56,000 zone,” where the next significant support will be located on the higher timeframe chart.
$BTC It hovers around $60,000.
There appears to be a liquidation hunt as the price has been hovering in the $2,000-$3,000 range for almost a week.
From here, Bitcoin needs to regain the $62,000 zone for a bailout rally.
On the negative side, we lost… pic.twitter.com/FdygZOykom
— Ted (@TedPillows) June 29, 2026
Further downside risks remain off the charts. Continuing ETF outflows, further increases in U.S. Treasury yields, delays in U.S. crypto legislation, or renewed geopolitical tensions around the Middle East could lead to more defensive positions across digital assets.
The market is likely to remain near the $60,000 level until these headwinds subside and Bitcoin closes above the downside resistance on stronger spot demand.
