Bitcoin again fell back after a brief recovery of $660,000, and on June 30th it fell to about $593 million. Since 25 June, when the integer level was missed, the market has repeatedly failed to stabilize, and the lack of additional funding remains a core pressure on current transactions.
Stabilizing currency growth slowing down.
CriptoQuant Analyst Sunny Mom stated that the data on the chain reflected the lack of new funds in the market to support a sustained rebound. One of its observations is that the market value of the 30-day stable currency is weakening.
Of these, USDC distribution has been turned into negative growth, and the growth of USDT based on the Taifu has slowed. Stable currencies are usually the main source of purchases in the encrypted market, and a slower issuance means less money to transfer them to the digital asset market.
ETF Emission weakens spot demand
Corporate-end data are also increasing liquidity pressure. In June, the last full trade week, United States spot bitcoin ETF net outflows approached $1.79 billion, the largest single-week outflows this year. The sale of bitcoin by the Fund in response to redemption has also weakened important sources of demand in the spot market.
At the same time, Strategy had previously published a digital credit capital framework authorizing a maximum of $1.25 billion in potential bitcoin sales to cover interest and dividends obligations. With the end of the season, the supply pressure on the market has increased.
$58,000 to $59,000 into critical areas
The macro-environment also suppresses risk preferences. After higher-than-anticipated inflation in the core of the United States, the market cooled its interest rate down, the rate of return on United States debt went up, and part of the money shifted to fixed-income assets.
On the whole, the Bitcoin day line has not been effectively recovered from the downward line that was extended from the high point of May, and prices are currently hovering above the support level of approximately $581.69 million. If this position breaks down, the market may explore further the $55,000 zone.
The kinetic energy indicator shows that while the pressure on sales has slowed, the buyer has yet to regain ownership. The Sunline RSI has dropped to about 32 and is close to the oversale area; the MACD is still below the zero axis. The CoinGlass data show that there is a large lower liquidity concentration in the vicinity of $588 to $59,000, while there are more leverage positions in the $61,000 to $6.15 million region, and prices may be closer to the above-mentioned areas if volatility increases.
According to analysts, $5.8 million to $5.9 million is a key support for the recovery of the Bitcoin short line. If the zone is secured, the price may have an opportunity to return to the vicinity of $61,000; if it fails, the market may face a new downward pressure as the steady currency distribution continues to weaken and ETF redeems.