Bitcoin Battles to Hold $60,000 as Institutions Wait and Retail Investors Sell

Bitcoin (BTC) is struggling to find direction around $60,000, with retail and institutional investors moving in opposite directions.

Cointelegraph reported on June 29 that Bitcoin was trading near $60,300, leaving it at a key juncture for its next move. The Crypto Fear & Greed Index stood at 36 out of 100, in the “Fear” zone.

Retail investors have been retreating more noticeably. US spot Bitcoin ETFs recorded $4.4 billion in net outflows in June, the largest monthly net outflow this year. By contrast, Strategy continued buying Bitcoin in June, purchasing 3,600 BTC for $236 million. Still, the pace and scale of those purchases slowed from earlier periods, and most corporate Bitcoin holders have done little beyond maintaining existing positions.

Leverage is also being unwound gradually. Open interest in Bitcoin futures across exchanges stood at $19.92 billion, down slightly from $20.1 billion two weeks earlier. Funding rates, the cost of holding long positions, fell from 0.25% to 0.12%, somewhat easing liquidation pressure.

The immediate key support level is $58,800. If that level breaks, another $500 million of long positions could be liquidated, potentially dragging Bitcoin down to $56,000. For a rebound, Bitcoin first needs to reclaim $62,000.

Cointelegraph said Bitcoin risks falling back below $60,000 if US employment data due this week or geopolitical developments related to Iran rattle investor sentiment.