Bitcoin falls under $60K, but traders anticipate 15% bounce
Cointelegraph 2026-06-24 17:06:46
Context: Bitcoin's price dropped below $60,000 for the first time in weeks, hitting a two-week low at the Wall Street open on Wednesday, as traders predicted a potential relief bounce. Despite the short-term dip, some traders anticipate a 15% bounce back, with forecasts suggesting a rally to around $70,000. The cryptocurrency market is closely watching US economic developments, including the US-Iran peace deal and key economic indicators.
Key Facts
- Bitcoin's price action dropped below $60,000 for the first time since June 10, hitting a two-week low at Wednesday's Wall Street open, according to data from TradingView.
- Traders, such as Killa and RektProof, are predicting a relief bounce, with Killa forecasting a move toward $70,000 and RektProof seeing BTC/USD trading in a range with $60,000 as its floor "for the rest of the month."
- The increase in short interest and rising funding rates have boosted the odds of a capitulatory move lower, with traders warning of a potential move to a "poor" lower high.
- US President Donald Trump offered further details of mutual cooperation between the US and Iran, including the removal of tolls, insurance costs, and other charges on ships traveling via the Strait of Hormuz oil transit route.
- The S&P 500 traded up 0.4% at the time of writing, while the Nasdaq Composite Index turned slightly negative on the day, as investors await key economic indicators, including the May print of the Personal Consumption Expenditures (PCE) index.