Bitcoin hovers below $60,000 as crypto braces for a pivotal week
CoinDesk 2026-06-29 11:03:46
Context: The cryptocurrency market is bracing for a pivotal week, with Bitcoin hovering below $60,000 and mixed signals from various indicators. The market has been experiencing volatility, with Bitcoin's price having lost over 50% of its value since October's record high. Investors are awaiting Bitcoin's next directional move, which is expected to impact the broader market.
Key Facts
- Bitcoin's price rose by 0.6% to $59,800 at the start of the week, while Solana (SOL) increased by 2%, although derivatives data and chart formations suggest continued downside risk.
- The CoinMarketCap Altcoin Season index is stuck at 49/100, indicating that the altcoin market is treading water as investors wait for Bitcoin's next move.
- Volatility indexes, such as the BVIV, dropped to 47%, pausing its two-week climb and suggesting that traders are betting on calmer conditions, although bears remain in control of the price action across most top-25 tokens.
- Bitcoin and ether futures open interest retreated to early-month ranges, reflecting trader caution, while positions in SOL and AVAX raise questions about the sustainability of recent rebounds.