News View Non-AMP

Early July Bulls Waver: Bitcoin Drops Below $60k, Altcoins Face Negative Funding

Published by
Anjali Belgaumkar

Bitcoin is now facing major technical challenges after a crucial support level flipped into resistance. This raises concerns about whether this downward deviation indicates a potential end to the bull market or is just a temporary setback before continuation.

From a technical standpoint, Miles Deutscher talked about Bitcoin’s struggle to reclaim key support levels, like the $59,000 and $64,500 thresholds, which are critical for a bullish reversal. He also explained the importance of these levels in determining Bitcoin’s near-term trajectory and its implications for the broader crypto market.

Moving beyond Bitcoin, he turned to Ethereum and other altcoins, examining their technical setups. He pointed out the recent performance trends, noting that July has historically been positive for crypto following negative June returns, despite the current 11% drawdown so far this month.

Discussing market sentiment, he observed a shift in funding rates for altcoins, with many now showing negative funding. This shift, from aggressively positive to negative funding, shows a wary sentiment among market participants toward altcoins, suggesting opportunities for accumulation during periods of fear.

Where Is The Market Headed?

Miles shared charts and analysis to explain where we are in the market cycle, addressing recent panic among market participants. Discussing the normalcy of summer market volatility, he advised caution without becoming overly bearish. From a macro perspective, he sees potential for Bitcoin to rally higher, citing historical patterns and technical indicators like the 200 EMA. 

Despite short-term concerns, he kept a long-term bullish outlook, comparing current market conditions to previous cycles post-halving. His technical analysis showed Bitcoin’s support at $53K and explained the importance of weekly and daily chart trends for future direction.

Also Read: Bitcoin Rebounds to $58K After Midweek Slump: Is the Worst Over?

Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

Recent Posts

XRP News: Bybit Reports XRP Holdings Double in Just 6 Months

Rising tensions between Israel and Iran have created market uncertainty, leading investors to favor safer…

June 25, 2025

Shiba Inu (SHIB) Alternative Now Below $0.002 Predicted to Soar to $2 by Bull Run Peak in 2026

As the crypto market gears up for its next euphoric cycle, meme coins are again…

June 25, 2025

Top Two ‘Whale Approved’ Altcoins To Buy Now

The crypto market has been volatile lately. Bitcoin dropped below $100K, and several altcoins, including…

June 25, 2025

Bitcoin Price USD Will Dip to $97K Before Possible Surge to $130K

Bitcoin is flashing bullish signals once again—and a major breakout could be just around the…

June 25, 2025

Ripple Was Born Before Bitcoin? 2004 Evidence Shocks Crypto Community

A newly surfaced document shared by XRP community member SMOQE has caught the crypto world…

June 25, 2025

XRP Price Today Holds Above $2.18, Is a Breakout Ahead?

The XRP Ledger’s v2.5.0 upgrade has gone live, introducing a host of improvements aimed at…

June 25, 2025