Bitcoin hit $60,000 at Wednesday’s Wall Street open. The dollar weakened. Stocks climbed. Traders got their relief rally.
BTC/USD spiked to $60,475 on Bitstamp — a near 3% daily gain. A solid start to July after a brutal June.
The dollar index (DXY) reversed from local highs around 101.6. The Kobeissi Letter warned the long-dollar trade is getting crowded: speculative positioning hit +$34.3 billion, the highest in 18 months. When everyone’s on one side, things flip.
Trader Titan called a July relief rally the base case after BTC’s monthly close below its long-term trendline. Rekt Capital echoed it: Red June. Green July. Red August. That’s what the history books say.
Still, crypto long liquidations topped $200 million in 24 hours. Volatility cuts both ways.
Daan Crypto Trades is watching the $58K-$61K range. The next attempt at the range high or low will cause a decisive break, he said.
July’s just getting started.
