Bitcoin rose more than $3,000 from a weekend trough, reclaiming levels above $63,000 after briefly slipping below $60,000 on June 6—the first breach of that threshold since 2024, according to CoinGecko data. The rebound came after one of the weakest stretches for the cryptocurrency this year, with BTC falling roughly $19,000 over 10 days and posting a weekly decline near 14.6%.
Pressure intensified as the US Labor Department reported 172,000 nonfarm payroll additions for May, well above consensus expectations of about 85,000. Revised figures added another 93,000 jobs to the prior two months, reinforcing market bets that the Federal Reserve could keep policy tighter for longer. Sentiment shifted further after BNP Paribas abandoned its prior view for stable rates and projected three Federal Reserve rate hikes beginning in December, citing persistent inflation, a robust labor market and geopolitical risks tied to the US-Iran conflict.
As risk appetite deteriorated, leverage across the crypto market unwound quickly. CoinGlass tracked more than $155 million in long crypto positions liquidated within a single hour, with total liquidations surpassing $1.7 billion over 24 hours. The slide accelerated once Bitcoin breached the $60,000 floor, helping push the Crypto Fear & Greed Index to a multi-year low of 8.
Institutional demand also cooled during the retreat. CryptoQuant data showed nearly $40 billion exiting the Bitcoin ecosystem over a short span as capital rotated into US equities, notably in large artificial-intelligence-related names. Another contributing factor was Strategy’s decision to sell 32 BTC to fund preferred stock dividend obligations. While the sale amounted to a small fraction of the company’s roughly 840,000 BTC treasury, traders treated it as a deviation from its longstanding accumulation stance.
Here’s why Bitcoin could recover
Attention shifted back to Strategy over the weekend after founder Michael Saylor signaled that the company may resume its Bitcoin buying. At the same time, early signs of seller exhaustion appeared in broader market indicators. Crypto analyst Scott Melker noted that short-term holders are realizing losses at the largest level on record, with data showing the short-term realized profit-and-loss ratio hitting a new low and about 5.3 million BTC held by long-term holders in the red—levels not seen since the FTX episode.
Additional on-chain commentary highlighted that the proportion of Bitcoin holders in profit had fallen to a trendline associated with major cycle lows from prior downturns, suggesting the market could still be susceptible to further downside if selling accelerates. Not all analysts share the same view of a bottom. CryptoQuant contributor Darkfost estimated accumulated losses since the October peak at roughly $174 billion, still below the $211 billion seen during the 2022 bear market, leaving room for further declines if capitulation resumes. Market commentator Ardi warned that retail buyers have continued to pick up dips while larger participants distribute supply during relief rallies—behavior not typically associated with a definitive market bottom.
Bitcoin price analysis
Recent price action points to a relief rally following an outsized liquidation event, rather than a confirmed trend reversal. CoinGecko’s seven-day view shows BTC briefly falling below $60,000 on June 6 before rebounding and trading in a range through the weekend. By June 8, buyers had pushed BTC back above $63,000, with a modest pullback toward roughly $62,700.
On the daily chart, Bitcoin remains below its major trend indicators despite the rebound. The 20-day exponential moving average sits near $69,265, while the 50-day, 100-day and 200-day moving averages hover around $72,844, $74,703 and $79,753, respectively, indicating that the overarching trend remains under pressure unless BTC can reclaim those levels.
Momentum readings offer a mixed signal. The daily RSI has rebounded to about 25.8 after a dip toward 15.5—the lowest since the March 2020 COVID-era crash—an area historically associated with extreme panic selling and seller exhaustion. The MACD line remains in negative territory relative to the signal line, though the histogram has begun contracting, which can precede a slowdown in downside momentum.
From a price-structure standpoint, defending $60,000 is the critical near-term test. A sustained hold above that level could open room toward the 9-day simple moving average near $65,300, with the 20-day EMA near $69,000 acting as the next major hurdle. Beyond that, attention would shift to the 50-day EMA near $69,000 (often conflated with the 20-day in some charts) and the next resistance near the $69,000–$70,000 area. A failure to maintain support above $60,000 would bolster the bearish case outlined by some observers and leave a path toward next-line supports around $58,500 and $56,000.
As of publication, price action reads more like a technical relief rally from an oversold condition than a confirmed uptrend. The trajectory ahead will hinge on whether buyers can reclaim key moving averages and whether institutional demand returns after weeks of persistent outflows.
The analysis above reflects data and commentary cited in recent market coverage and on-chain research. The post Bitcoin rebounds after drop below $60K but bears are still in control appeared first on Invezz.
