Bitcoin hit $60,200 on Wednesday, up about 2.7% in 24 hours. That’s after touching a 21-month low of $57,737 earlier in the session. Ether and Solana also gained — 3% and 4.85% respectively.
Don’t get too comfortable. The Crypto Fear & Greed Index sits at 11 out of 100. That’s “Extreme Fear” territory. Bitcoin’s still down about a third since the start of the year.
The numbers tell two different stories. US spot Bitcoin ETFs saw $4.5 billion in outflows in June — the worst month since launch. But onchain data shows long-term holders added roughly 270,000 BTC over the past two weeks. Some bigger investors see this as a buying opportunity.
The funding rate has stayed positive for three straight days. That means long bets stayed crowded even as Bitcoin fell. When leverage stacks up on one side and price is weak, it’s a recipe for forced liquidations if the market moves the wrong way.
The heavy action sits between $57,000 and $60,500. Above $61,000 and below $56,000, positioning thins out. That’s where a breakout could accelerate fast.
The next 24 hours look neutral. A real shift would need rising leverage alongside rising price. That hasn’t shown up yet.
