Bitcoin price today: Bitcoin price was under pressure on Tuesday, June 30, remaining below the psychologically important $60,000 mark as investors shifted their attention from geopolitical developments in the Middle East to the prospect of tighter US monetary policy.
Bitcoin futures fell more than 1% to $59,580.20. It has been falling recently, down 5% in 1 week, 19.5% in 1 month, 33% in 6 months, and 45% in 1 year. The recent decline has left Bitcoin trading more than 50% below its peak from last year, underscoring the persistent weakness across the digital asset market.
The decline comes after several failed attempts to sustain a recovery above $60,000, a level that has repeatedly acted as both support and resistance throughout the year. Bitcoin found buying interest around that zone in February and again during the first half of June before rebounding to briefly cross $67,000. However, the rally proved short-lived as sellers returned.
Market participants say the latest fall reflects macroeconomic uncertainty, cautious investor positioning and profit booking rather than any significant deterioration in Bitcoin’s long-term fundamentals.
What’s driving Bitcoin prices?
Several macroeconomic developments have contributed to the latest bout of selling.
Investor focus has shifted back to the US Federal Reserve after expectations for additional interest-rate hikes gathered pace. Traders are currently pricing in three rate hikes this year, with the CME FedWatch Tool indicating about a 64% probability of a September increase.
Markets are also awaiting key US economic data, including the June ADP employment report and nonfarm payrolls, which could offer fresh clues about the Fed’s policy path.
Meanwhile, geopolitical uncertainty continues to influence sentiment. Washington said negotiations with Tehran are expected to begin in Doha, although Iran has ruled out direct talks while confirming that a delegation of experts will participate. At the same time, Iranian officials reiterated plans to oversee traffic through the Strait of Hormuz despite opposition from the US, Europe and Gulf Arab nations.
The US dollar also remained firm, heading for a second consecutive monthly gain. A stronger dollar typically reduces demand for alternative assets by increasing their relative cost for overseas investors.
Oil prices, however, moved in the opposite direction, heading for their sharpest quarterly decline since 2020 as investors monitored developments surrounding Iran-US talks. Although lower crude prices have eased inflation concerns, they have not been sufficient to revive buying interest in cryptocurrencies.
Bitcoin outlook
Market experts remain divided on Bitcoin’s immediate trajectory, with most expecting macroeconomic cues and technical levels to dictate the next major move.
According to Akshat Siddhant, Lead Quant Analyst at Mudrex, Bitcoin remains trapped in a narrow trading range despite improving risk sentiment.
“Bitcoin remains below the $61,000 level despite improving risk sentiment following lower crude oil prices and the 60-day ceasefire agreement between the U.S. and Iran. The recovery lost momentum after Strategy announced plans to sell up to $1.25 billion worth of Bitcoin through 2027, weighing on investor confidence.”
Siddhant added that investors are closely monitoring Fed Chair Warsh’s speech at the ECB Forum and this week’s US jobs data for signals on future liquidity conditions. According to him, a sustained move above $61,000 could attract fresh buying interest, while $59,000 remains the immediate support level.
Meanwhile, Piyush Walke, Derivatives Research Analyst at Delta Exchange, believes Bitcoin continues to face an indecisive market environment as both retail and institutional investors remain cautious.
“Bitcoin (BTC) is hovering at a key inflection point, with retail investors continuing to offload their holdings while institutional buyers remain on hold despite attractive valuations. As a result, the market remains range-bound, awaiting its next decisive move. Fresh capital is yet to return to Bitcoin.”
Walke noted that Bitcoin continues to consolidate near the crucial $58,000-$59,000 support zone, while the SuperTrend indicator remains bearish. Immediate resistance is seen between $61,800 and $62,500, whereas a decisive break below $58,000 could accelerate losses toward the $55,000-$56,000 range.
He also highlighted weakness in Ethereum, which failed to hold above its nine-day exponential moving average and remains in a corrective phase. Immediate resistance for Ethereum is placed between $1,650 and $1,670, while a fall below $1,500 could trigger another leg lower toward the $1,400-$1,450 zone.
With expectations of tighter monetary policy, subdued trading volumes and cautious institutional participation, Bitcoin’s near-term direction is likely to hinge on upcoming US economic data and whether buyers can successfully defend the key $59,000-$60,000 support zone.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
