Bitcoin returned to the vicinity of $5.87 million at the beginning of July, and United States spotbitcoin ETF continued to flow, superseding the weak demand of the United States, putting pressure on the market. As prices fell by $59,000, the focus of the transaction shifted to the viability of the $58,000 line.

In June, the ETF ran out of a record number.

SoSoValue data show that the real bitcoin ETF in the United States combined net outflows of about $4.5 billion in June, the worst single-month performance since January 2024 when the product went online. On 30 June alone, the products recorded a net outflow of approximately $222.6 million and increased the number of consecutive outflows to nine days.

Prior to this, there was a 13-day continuous net outflow from 15 May to 3 June, with a cumulative outflow of about $4.37 billion. The continued weakness of the financial landscape continues to make ETF foreclosure one of the important drivers of price volatility in Bitcoin this year.

$58,000 for short-line focus

The market is also concerned with changes at the technological level. Barchart on the X platform indicates that the Bitcoin weekly line has broken the 200-week mean line for the first time since 2023. It is usually seen as an important reference for long-term trends, and this break-down has led the market to focus more on the supporting areas below.

During the month of June, $60,000 was once considered an important entry point. Today, when prices fall, $58,000 becomes the focus of short-line observations; if further collapses, the market may turn to the vicinity of $50,000. It is mentioned that this region is close to the August 2024 low point of $49.455 million.

To improve the short-line mood, Bitcoin also needs to re-establish the 30 and 200-day average. The price structure is still unrepaired, as both are now significantly above current prices.

America needs less.

CryptoQuant data show that the United States still has weak spot demand. Coinbase Premium Index continues to be negative, reflecting the inadequacy of the United States agency's off-the-shelf purchase boards and the maintenance of the Depth Negative in the surface demand.

However, chain holdouts are not fully weak. CryptoQuant analysis indicates that long-term holders have still not been significantly relaxed, and the increase in whale retention remains resilient. This means that short-wire outages are mainly caused by emotional and liquidity contractions, not by the simultaneous departure of all large amounts.

Market views remain divided. According to some analysts, the current turnback is closer to mid-cycle adjustments in 2019 and 2021 than the deeper bear market in 2014, 2018 or 2022; it is also believed that bitcoin has reached a new low in 2026, and that prices may continue to be under pressure in the absence of a stronger spot purchaser.

Additional information:It is also mentioned that SpaceX disclosed possession of 18,712 bitcoins, but its IPO financing could also divert venture capital funds in the short term. Overall, ETF financial flows, Coinbase premiums, apparent demand and market liquidity remain some of the next indicators of the stability of Bitcoin.