We are still enjoying all the World Cup vibes.
I will attend another match in the stadium on Monday, but the market does not care about my schedule. We are still actively trading. Sometimes from the desk. Sometimes from the phone.
Our ETH short from this week is already up a solid 9R.
I took 3R profit already. The stop is trailed too, so now I am letting it fall lower.
Today, we look at Bitcoin again.
After a small relief bounce from the Iran ceasefire news, BTC is now back near $60K. That is an important level.
And right now, the main theme is simple.
BTC uncertainty.
Why Did Bitcoin Drop Again?
The Iran ceasefire gave the market some relief.
That makes sense.
War risk went down. Oil panic cooled. Traders bought the bounce.
But the problem is that a relief bounce is not the same as a trend reversal.
Bitcoin moved from around $60K to last week’s high near $65.5K. Then it failed to hold that strength.
Now we are back near the same key support zone.
That tells us the market is still weak.
Macro Is Still Heavy
The biggest reason behind this BTC uncertainty is macro.
Traders are still worried about the Fed.
If rates stay higher for longer, risk assets usually struggle. Bitcoin is now trading more like a high-beta risk asset than a pure hedge.
That means BTC often follows tech stocks, AI names, and broader risk sentiment.
When risk gets sold, Bitcoin usually feels it too.
ETF Flows Are Not Strong Enough
Another issue is ETF demand.
Earlier in the cycle, Bitcoin ETF inflows were a major driver.
They gave the market steady buying pressure.
Now that flow is less reliable.
When ETF inflows slow down, Bitcoin needs another buyer. If that buyer does not show up, price starts to drift lower.
That is what we are seeing now.
Not panic.
More like weak demand.
The Ceasefire Rally Got Sold
The move after the Iran ceasefire looked good at first.
But it was likely a relief rally.
A lot of traders chased longs after the good news. When Bitcoin failed to break higher, those longs became fuel for the next move down.
That is classic crypto.
Good news comes out.
Everyone gets bullish.
Price stalls.
Then the market flushes late entries.
Key BTC Support Levels
The first major level is obvious.
$60K
This is the battlefield right now.
If Bitcoin holds $60K, we can still build a base. It does not need to pump right away. Sideways action would already be healthy.
Below that, I am watching:
$58K to $59K
This is the recent low zone.
If BTC loses $60K and quickly taps this area, I want to see how buyers react.
A fast wick below $60K can be fine.
A clean breakdown with no bounce is not.
$55K
If $58K fails, $55K becomes the next big level for me.
That would likely create more fear.
It could also create a better long-term entry.
Key BTC Resistance Levels
On the upside, the first level is:
$62K to $63K
Bitcoin needs to reclaim this area to show strength again.
A weak bounce into this zone can get rejected.
That is why I do not want to chase.
$65.5K
This was last week’s high after the ceasefire rally.
BTC needs to break this level to show that buyers are back.
Until then, it is just a lower high.
$68K
This is the bigger reclaim level.
If Bitcoin gets above $68K again, the chart starts to look much better.
Below that, BTC uncertainty remains the main story.
Support Our Work
If you found this helpful, consider signing up on OKX or Bybit using our referral links. Your support keeps this content free and flowing.
My Current Trade Plan
I am not in a BTC trade right now.
My only active position is the ETH short.
That trade is already working well, so there is no need to force anything.
I am not chasing a BTC short here.
Bitcoin is already falling into support. Shorting late into $60K is not my style.
I would rather wait for a bounce.
If BTC bounces and holds strength, I can look for a long.
If BTC bounces weak and rejects resistance, maybe we find a new short.
But I am not entering while price is falling straight down.
That is how you get trapped.
DCA Below $60K
For investors, this is a different story.
If you are not trading with leverage, DCA below $60K still makes sense to me.
The end of the 4-year cycle is expected in Q3.
That means this is the zone where long-term entries can age well.
You do not need to catch the exact bottom.
Start DCAing today.
Add more if BTC drops lower.
Build a nice average entry while the market is scared.
In 6 to 12 months, that strategy can look very smart.
Final Words
BTC uncertainty is still here.
The ceasefire rally was nice, but it did not fix the chart.
Macro is still heavy. ETF demand is weaker. Risk assets are shaky. Bitcoin is back at the most important level on the chart.
For traders, patience is key.
Do not chase red candles.
Wait for the bounce.
Watch how BTC reacts around $60K.
For long-term investors, this is exactly the type of market where DCA starts to make sense again.
The market feels ugly now.
That is usually when the best entries start forming.
If you enjoyed this blog, check our recent blog guide about trading in extreme fear.
As always, don’t forget to claim your bonus on OKX below. See you next time!
Credit: Source link
