Bitcoin price has failed to break out of the $60,000 range as multi-billion-dollar options expiry flows and persistent ETF selling kept buyers on the sidelines.
Summary
- Bitcoin price stayed near $60,000 as options expiry flows and ETF outflows capped rebounds.
- U.S. spot Bitcoin ETFs saw nearly $1.79 billion in weekly outflows, their largest withdrawal of 2026.
- BTC must reclaim $62,000 to ease pressure, while losing $58,000 could expose $55,000-$56,000.
According to data from crypto.news, Bitcoin (BTC) price traded around $59,900 on June 29 after spending nearly a week fluctuating between approximately $58,000 and $61,000. Market participants have struggled to build momentum in either direction as derivatives positioning, institutional outflows, and macro uncertainty continue to outweigh fresh buying demand.
The immediate catalyst came from the monthly Bitcoin options expiry, where approximately $11 billion worth of contracts expired. A large concentration of put open interest around the $60,000 strike reportedly forced market makers to actively hedge their exposure, creating mechanical buying and selling that kept Bitcoin pinned near the psychological level instead of allowing a sustained breakout.
At the same time, spot Bitcoin exchange-traded funds have remained under pressure. According to SoSoValue, U.S. spot Bitcoin ETFs recorded nearly $1.79 billion in net outflows last week, their largest weekly withdrawal of 2026.
Over the past month, cumulative net outflows have exceeded $6 billion, forcing fund managers to sell underlying Bitcoin to meet investor redemptions. Those sales have added steady supply to the spot market at a time when speculative demand has already weakened.
Capital has also continued rotating into artificial intelligence and semiconductor stocks as investors favor companies with stronger earnings visibility over high-volatility assets. Crypto markets have simultaneously absorbed fresh deleveraging after financing concerns surrounding leveraged Bitcoin treasury companies weighed on sentiment, contributing to over $800 million in long liquidations during one of last week’s sharp selloffs.
Meanwhile, macroeconomic conditions have offered little support. Persistent U.S. inflation and a resilient labor market have reduced expectations for near-term Federal Reserve rate cuts, keeping Treasury yields elevated and supporting the U.S. dollar.
Oil prices recovered to around $70 per barrel after the U.S. and Iran paused further attacks ahead of renewed talks over the Strait of Hormuz. Although fears of an immediate supply disruption eased, investors remained cautious toward risk assets as geopolitical tensions in the region persisted.
Technical structure keeps Bitcoin locked inside a compression range
The daily chart shows Bitcoin trading well below its Supertrend resistance near $66,100, preserving the dominant bearish trend despite repeated attempts to stabilize above $60,000. The Aroon indicator also favors sellers, with Aroon Down holding above 70 while Aroon Up remains at zero, showing that bearish momentum still dominates the higher timeframe.
The four-hour chart presents a similar picture. Bitcoin continues trading beneath a descending trendline that has capped every recovery since the sharp June breakdown.
Bitcoin price also sits below the 78.6% Fibonacci retracement near $59,700 after failing to reclaim the 61.8% level around $60,975. Momentum indicators remain mixed, with the RSI near 44 while the MACD has flattened after a modest recovery, suggesting neither buyers nor sellers currently hold a decisive advantage.
Derivatives positioning reinforces that view. CoinGlass liquidation data shows dense liquidity clusters between roughly $61,000 and $61,800 above current prices, while another large concentration sits near $57,500-$58,000 below the market. Those pools continue attracting short-term price action as traders position around high-leverage liquidation zones instead of establishing directional trends.
Commenting on the current setup, analyst Lennaert Snyder wrote that “we’re still in the same range, and liquidity is being built on both sides here,” adding that his primary areas of interest remain shorts around $61,000-$61,800 and longs near $57,500-$57,800.
Losing key support could trigger the next leg lower
The current consolidation leaves Bitcoin vulnerable if major support levels fail.
According to analyst Ted Pillows, Bitcoin first needs to reclaim the $62,000 region before any meaningful relief rally can develop. He warned that losing the $58,000 level “will push Bitcoin towards the $55,000-$56,000 zone,” where the next significant support sits on the higher-timeframe charts.
Additional downside risks remain outside the charts. Continued ETF outflows, another rise in Treasury yields, delays to U.S. crypto legislation, or renewed geopolitical tensions around the Middle East could extend defensive positioning across digital assets.
Until those headwinds ease and Bitcoin closes back above descending resistance with stronger spot demand, the market is likely to remain confined around the $60,000 level.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
