Bitcoin falls below $60,000 as ETF outflows and Fed pressure mount

Bitcoin dropped below $60,000 on 24 June 2026, its first sub‑$60k close since late 2024, after a confluence of ETF redemptions, leveraged liquidations and a hawkish Federal Reserve stance [1]. The move pushes the world’s largest cryptocurrency more than 50% off its October 2025 peak and raises questions about whether the level could act as a new bottom.

What drove the move

ETF redemptions forced issuers to sell Bitcoin to meet withdrawals, creating mechanical selling pressure. Over the past month, Bitcoin ETFs recorded roughly $6.4 bn of net outflows, including a single‑day $469 m spike [1]. Those flows coincided with a wave of leveraged liquidations that amplified the price drop.

Deribit data show more than $1.2 bn of notional open interest in $60,000 strike put options [1]. Market makers holding these short‑gamma positions must sell spot Bitcoin as the price approaches the strike, a dynamic that can accelerate downside moves.

The broader macro backdrop added further strain. A hawkish Federal Reserve, reinforced by strong wage growth and a modest jobs report, kept interest‑rate expectations high, limiting risk appetite for assets like Bitcoin [2].

Bottom signals and outlook

Despite the sell‑off, several on‑chain indicators have entered zones historically linked to market bottoms. Cycle analysts note that the traditional four‑year halving cycle points to a potential bottom around October 2026, though the pattern’s reliability is uncertain [1].

Bitcoin’s price recovered briefly after the June jobs report, climbing above $60,000 and touching $63,000, as traders priced in a possible dovish pivot from the Fed [2]. The next catalyst will be the July CPI release on 14 July, which could shape Fed policy expectations and, by extension, Bitcoin’s risk‑on appeal [2].

What to watch

• $60,000 level – a structural support point in derivatives markets; a break could trigger further short‑gamma selling.
• $63,000 resistance – the recent high after the jobs‑report bounce; a sustained close above this may signal renewed momentum.
• July 14 CPI data – market expectations for Fed policy will hinge on inflation readings; a softer CPI could ease pressure on risk assets.

The breach of $60,000 underscores how intertwined Bitcoin’s price is with institutional flows and macro policy. Whether the level will hold as a floor or give way to deeper declines will depend on upcoming inflation data and the pace of ETF redemptions.