Bitcoin rebounds past $60K after intra-day low of $57,735

Bitcoin dropped to a 2026 low of $57,735 late June 30 before a surge of spot buying on July 1 pushed it back above $60,000 and into an intraday high of $60,475. At the time of reporting, BTC traded near $60,000 and was up about 3% over 24 hours.

Trading data show the decline began late June 30, when bitcoin briefly held above $58,000 before selling intensified ahead of the monthly close and sent it to $57,735. The price recovered to the $58,000 area, then drifted lower in an orderly distribution phase before heavier buying around 8:50 a.m. Eastern on July 1 drove the rally past $60,000.

The rebound returned bitcoin’s market capitalization above $1.2 trillion. The rally also lifted several large-cap altcoins, some gaining more than 7%, and pushed the combined crypto market value to about $2.15 trillion, roughly a 2.4% increase.

Market participants linked the volatility to position adjustments by funds and leveraged traders ahead of the monthly close. Liquidations of long positions in late June added downward pressure, while concentrated spot purchases during the reversal reduced short holdings and supported the rebound. Exchanges recorded higher volume during the move.

Bitcoin began 2026 with upward momentum but closed the first half down about 30%. Traders and onchain analysts are divided on whether a macro bottom is in; some technical and onchain indicators point to late-stage price discovery while others expect further downside.

Pseudonymous trader Noname wrote on X that more selling could precede a sustained uptrend, forecasting a final ‘flush’ to remove weaker holders: “The final leg down is already happening. This is the flush that shakes out the last weak hands before the real move starts. When it’s done, your timeline will be full of ‘Bitcoin is dead’ posts. That’s the buy signal-not this.”

Analysts cautioned that the broader path for prices will depend on macroeconomic conditions, flows into crypto-focused funds and how retail and institutional holders respond to further swings. For now, large trades and concentrated order flows can quickly amplify moves in either direction.