Bitcoin dropped below $60,000 on Wednesday, its lowest point in two weeks. But traders are already positioning for a bounce.
Data from TradingView shows BTC hasn’t been this low since June 10. Rising funding rates and climbing short interest had been flashing warning signs. Now the market is testing the range floor.
Trader Killa wrote on X that a relief bounce should start soon, with charts pointing toward $70,000. RektProof sees a similar setup, calling $60,000 the floor for the rest of the month before a move higher.
Macroeconomic factors aren’t helping sentiment. US stocks were flat at the open despite Trump’s fresh details on the US-Iran peace deal. Micron’s forward earnings guidance comes Wednesday and the May PCE index drops Thursday. Both could shake up risk appetite fast.
$60,000 is the line that matters right now. Hold it and the bounce thesis plays out. Break below it and selling could accelerate quickly.
