Foreign media report that Bitcoin has rebounded following a decline in oil prices and softer U.S. inflation expectations, with its price reclaiming $60,000. However, continuous outflows from U.S. spot Bitcoin ETFs continue to suppress institutional demand, casting uncertainty on whether this rally can be sustained.
Price recovery and improved macro sentiment
Over the past 24 hours, Bitcoin rebounded from approximately $58,300 to around $60,600. The report noted that a renewed global risk appetite was a direct factor driving the price recovery.
Brent crude oil falling below $71 per barrel has also eased market concerns about inflation. Meanwhile, progress in indirect Iran-U.S. negotiations and the restoration of transport through the Strait of Hormuz have dampened expectations of energy supply constraints. For crypto assets, such developments typically support a short-term recovery in risk appetite.
Continuous outflows from ETFs are suppressing demand.
Despite the price rebound, U.S. spot Bitcoin ETFs continue to experience outflows. On July 1, net outflows reached $294.6 million, with previous daily outflows of $222.6 million, $231.1 million, and $444.5 million over the prior three trading days.
The report suggests that institutional funds continue to exit these products in the near term. ETF redemptions force issuers to sell corresponding Bitcoin, adding additional supply to the spot market.
The Federal Reserve’s policy environment has not shown a clear shift. Although the market welcomes dovish statements, interest rates remain high, and expectations for rate cuts continue to be pushed back. The sustained high yields on U.S. Treasuries have also led some institutional funds to continue flowing into U.S. technology stocks and the AI sector, rather than digital assets.
$62,700 and $65,000 are key levels.
The article suggests that while there are signs of short-term recovery, a stronger rebound still requires breaking higher resistance levels. On the daily chart, Bitcoin has rebounded from around $57,826, with selling pressure easing, but this is not yet sufficient to confirm a trend reversal.
Although the current price has regained the $60,000 level, it remains below a key moving average zone, with resistance levels roughly spanning from $62,400 to $75,100. According to the report, citing analyst insights, Bitcoin needs to reclaim $62,700 and $65,000 to further strengthen the recovery.
From a shorter time frame, the market’s liquidation zones are relatively concentrated. According to CoinGlass data, there is a dense short liquidation zone between $61,000 and $61,800; a breakout above this range could trigger forced long covering. Conversely, if the price falls below $60,000, the long liquidation zones near $59,500 and $58,000 may come under renewed pressure.
The rebound still faces multiple risks
The report also noted that if ETF redemptions continue and institutional demand fails to recover, this rally could quickly weaken. Corporate developments have also influenced market sentiment—for example, after Strategy adjusted its capital policy to allow token sales, the market began to worry that this major holder might increase supply in the future.
Additionally, geopolitical developments remain an external variable. If U.S.-Iran negotiations face further setbacks or tensions escalate around the Strait of Hormuz, oil prices could rise again, reigniting inflation concerns.
Technically, if Bitcoin fails to hold at $60,000, the market may retest the $59,500 and $58,000 levels; a break below the June low of approximately $57,800 would significantly weaken the current recovery trend.