Bitcoin is stabilizing above the crucial $60,000 level as long-term holders absorb heavy ETF outflows, while the upcoming US jobs report and shifting dollar strength are expected to shape the crypto market’s next major move.
Bitcoin Price Today: $60,677
Bitcoin is trading near $60,677, up 2.63% over the past 24 hours and holding above the $60,000 mark. The token slid to a 21-month low of $57,950 earlier this week but has since clawed back above $60,000, a level that dominated traders’ conversation through most of June.
Market sentiment improved after Fed Chair Kevin Warsh told an ECB forum panel that inflation risks appear to be easing, even as he avoided firm guidance on rate policy. A weaker US dollar and crude oil sliding to a four-month low have also removed some pressure from risk assets. Robinhood’s launch of its own public blockchain added further momentum, pulling fresh attention toward crypto infrastructure plays just as the broader market searched for a positive catalyst.
Market Analysis and Expert Insights
Akshat Siddhant, Lead Quant Analyst at Mudrex, noted: “Bitcoin is stabilising near the $60,000 psychological level after rebounding from a 21-month low of $57,950. A weaker U.S. dollar and crude oil prices falling to a four-month low have improved risk sentiment, helping BTC recover.” He added, “Although spot Bitcoin ETFs ended June with $4.5 billion in net outflows, long-term holders have absorbed some of the selling pressure, accumulating 270,000 BTC over the past two weeks.”
The CoinSwitch Markets Desk commented: “BTC reclaimed the key $60K level after dipping to $58K. On the macro side, the US dollar pulled back from its highs, a tailwind for BTC. The long-dollar trade is crowded at +$34.3B, an 18-month high, hinting a dollar reversal may be near. Long-term holders added roughly 270K BTC in two weeks, showing big players are buying the dip.”
Crypto Prices Today: Top 10 Coins at a Glance
Based on CoinMarketCap data as of July 2:
- Biggest Gainers: Solana leads with a 3.85% gain, followed by Hyperliquid at 2.98% and Bitcoin at 2.63%.
- Biggest Laggards: TRON is the weakest mover among the top ten, up just 0.29%. USDC and Tether stayed near their dollar pegs.
Crypto News Today Driving Market Sentiments
Fed Chair Warsh Signals Cooling Inflation Risk
Kevin Warsh told an ECB forum panel that inflation pressures appear to be easing. He declined to offer forward guidance on rates but described the upcoming July Fed meeting as likely to bring a real internal debate over policy direction. Bond yields stayed elevated after his remarks, with the 10-year Treasury near 4.50%.
Spot Bitcoin ETFs Post Record Monthly Outflow
US spot Bitcoin ETFs shed roughly $4.5 billion in June, their worst month since launching in January 2024. BlackRock’s IBIT absorbed a large share of the redemptions. XRP and Hyperliquid funds bucked the trend, pulling in $59.4 million and $161 million, respectively, suggesting investors are growing selective rather than exiting crypto altogether.
Robinhood Launches Public Blockchain and Expands Crypto Suite
Robinhood unveiled Robinhood Chain, a public layer-2 blockchain built on Arbitrum, at a London event this week. The launch brings tokenized stock trading live across more than 120 countries. A new lending product, Robinhood Earn, is part of the rollout too. Robinhood shares jumped 8% on the announcement.
Investor and Market Outlook
Bitcoin enters July with cautious optimism after a historically weak first half. The token fell in both Q1 and Q2, only the third time that has happened since 2018. In the two earlier instances, the second half brought little relief. July has historically been kind to Bitcoin, with the token closing green in 9 of the last 13 years, with average returns near 7.25%. That seasonal pattern, paired with Warsh’s softer tone, leaves room for further upside if ETF flows stabilize.
Investors should track daily ETF flow data from SoSoValue and Treasury yield movement this week. Bitcoin’s ability to hold above $60,000 remains the key signal to watch. A confirmed break past $62,000 would strengthen the bullish case, while a slip under $58,000 would revive downside risk toward $55,000.
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