Bitcoin rose above $60,000 again on the trading day of July 1, 2026. US Federal Reserve Chairman Kevin Warsh’s statements indicating that inflation pressures have decreased were effective in the recovery in prices. The statements provided short-term relief to the markets after a difficult quarter for crypto assets.
Sharp fluctuations were observed during the day
Earlier in the day, Bitcoin fell to $57,803, hitting its lowest level in the last 22 months. The asset, which later turned upward, was traded around $60,807 in the afternoon hours in the USA. This level indicated an increase of approximately 3.7% during the day.
Evaluating the technical outlook in the market, Daan Crypto Trades said that Bitcoin touched the 0.618 Fibonacci retracement level calculated over the entire bull cycle. The analyst states that this region overlaps with the consolidation bottoms in the summer of 2024 and that reaction increases were seen in similar areas in previous cycles.
Mini glossary: Fibonacci retracement is a series of ratios used in technical analysis to measure how much of a previous upward or downward move the price has retraced. The 0.618 level is among the support and resistance areas that investors follow most frequently.
We will ensure price stability in the USA and will not accept inflation to remain above the 2% target.
Ted Pillows states that sellers maintain their dominance as long as Bitcoin remains below $60,000. Therefore, despite the intraday recovery, it seems that the cautious stance regarding the direction of the market continues.
Weak quarter and interest rate pressure came to the fore
Bitcoin lost 14% in the quarter ending in June. The decline has reached 32% since the beginning of the year. The price remains more than 50% below the peak seen in October.
The tight stance taken by the Fed at its June meeting strengthened the expectation of at least one additional interest rate increase this year. The high interest rate environment increases the cost of holding assets such as Bitcoin, which do not offer interest income. In the same period, interest in artificial intelligence-related stocks also accelerated capital outflow from the crypto market.
Record outflow from spot Bitcoin ETFs
Spot Bitcoin ETFs in the US have seen total outflows of $4.5 billion through June 2026. This amount was the highest monthly outflow recorded since the products began trading in January 2024, according to SoSoValue data.
| Indicator | Data |
|---|---|
| June 2026 total ETF outflow | $4.5 billion |
| Previous monthly record | $3.48 billion in February 2025 |
| BlackRock iShares Bitcoin Trust exit | $3.55 billion |
| Total net assets | $70.9 billion |
Outflows in June exceeded the previous record of $3.48 billion, set in February 2025, by nearly 29%. BlackRock’s iShares Bitcoin Trust fund stood out with an outflow of $3.55 billion alone. The total net asset value of US spot Bitcoin ETFs fell to $70.9 billion from levels of over $110 billion during the year.
Daan Crypto Trades emphasizes that previous cycles have seen relief rises in similar technical zones, but this cycle has different characteristics than past examples.
In contrast, cumulative net inflows since the launch of ETFs have remained above $51 billion. It was noteworthy that despite the intense outflows in recent weeks, the long-term total flow is still in the positive region.
