Bitcoin rose to $60,200 on Wednesday. The asset, which dropped to $57,737 during the day, recovered approximately 2.7 percent in the last 24 hours. Ether gained 3 percent and Solana gained 4.85 percent.
There is a recovery in the market, cautious atmosphere remains
Despite the rise in prices, investors’ cautious stance continues. Indicators monitoring the balance of fear and greed in the cryptocurrency market are at approximately 11 out of 100. This level corresponds to the zone of extreme fear, indicating intense uneasiness in the market. By contrast, Bitcoin has lagged behind by nearly a third since the beginning of the year.
Although there has been a short-term recovery in Bitcoin, market data indicate that investor confidence has not yet strengthened permanently.
ETF outflows and long-term purchases came to the fore at the same time
The data shows that two distinct trends stand out in investor behavior. Spot Bitcoin ETFs traded in the USA have attracted more outflows than inflows in recent weeks. A total outflow of 4.5 billion dollars was seen in June. This figure stood out as the highest monthly outflow recorded since the funds were opened for trading.
On-chain data, on the other hand, revealed that long-term investors added approximately 270,000 BTC in the last two weeks. This picture suggests that some larger-scale investors consider the recent decline not as a reason to sell, but as a buying opportunity.
Concentration in leveraged transactions points to a critical range
One of the prominent indicators in the short-term outlook was the funding rate. This rate has been positive for three days. In other words, even as Bitcoin tested new lows, bullish leveraged positions remained dominant in the market. While the price is weak, leverage accumulated on one side is watched as a factor that can increase volatility.
The last week’s data compiled from three major stock exchanges showed that leveraged positions were most densely accumulated between $ 57,000 and $ 60,500. This zone largely overlaps with the band in which Bitcoin has been trading since late June. Above $61,000 and $62,000 and below $55,000 and $56,000, this intensity decreases significantly.
This distribution shows that forced position closures are concentrated in areas close to the current price. It is considered that the price movement may accelerate more sharply if $61,000 on the upside and $56,000 on the downside are significantly exceeded.
First 24-hour outlook remains neutral
In the short term, the overall outlook is considered neutral. In order for a clearer change in direction to occur, there must be an increase in both Bitcoin price and leveraged positions. In the current data, this match has not yet emerged.
