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

**Published:** 2026-07-05T15:55:47.591Z  
**Topic:** Bitcoin  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/2b814146-7bfa-4f09-bf54-c746fb50a742

Bitcoin slipped under $60k on June 24 2026, its lowest since 2024, after $6.4 bn of ETF outflows and leveraged liquidations. See the price level, on‑chain

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.

| At a glance | |
|---|---|
| Price | $59,800 (approx.) |
| 24‑h change | –2.3% (approx.) |
| Key level | $60,000 support |
| Catalyst | $6.4 bn month‑long Bitcoin ETF outflows, leveraged liquidations, Fed‑driven macro pressure |

## 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].

| Metric | Value |
|---|---|
| Open interest at $60k puts | $1.2 bn |
| Monthly ETF outflows | $6.4 bn |
| Year‑to‑date decline | 31.7% |
| Distance from ATH | 52.6% |

## 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.

## Sources
1. IG — [Bitcoin is down 53% from its all-time high — is now a good time to buy?](https://www.ig.com/uk/trading-strategies/bitcoin-down-53-percent-is-now-a-good-time-to-buy-260629)
2. Forbes — [Bitcoin Now Braced For A Critical Fed July Price ‘Pivot Point’](https://www.forbes.com/sites/digital-assets/2026/07/04/exactly-what-warsh-is-afraid-of-bitcoins-fed-nightmare-is-suddenly-coming-true/)

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Cite as: TrendWatcher, "Bitcoin falls below $60,000 as ETF outflows and Fed pressure mount", https://www.trendwatcher.in/article/2b814146-7bfa-4f09-bf54-c746fb50a742