Bitcoin under $60K; traders eye 15% relief bounce
Bitcoin slid under $60,000 at the Wall Street open for the first time in weeks, reaching fresh two-week lows on the TradingView data. Despite the selloff, traders say the downside may be nearing a “relief bounce” phase, targeting about $70,000 (roughly a 15% rebound).
In commentary on X, trader Killa warned of rising short interest as funding rates increased, which can precede capitulation on lower time frames (LTF). Another trader, RektProof, said BTC/USD could stay range-bound with $60,000 acting as the floor “for the rest of the month,” followed by a move toward “poor highs + 70k.” The narrative is that price is edging toward range lows, but those levels are still viewed as holding.
On the macro side, a US-Iran peace development appeared to have limited incremental impact on risk assets. US stock futures and major indices were mixed/flat at the open: the S&P 500 was up about 0.4% while the Nasdaq turned slightly negative. Trump’s mention on Truth Social that the Strait of Hormuz route would face “no tolls” and no added charges for Iran-linked shipping was framed as unlikely to spark a strong risk-on impulse.
Key takeaway for traders: Bitcoin’s dip below $60K is bearish in the moment, but the market’s positioning (funding/short interest) and active “range floor” calls keep a near-term relief-bounce setup in play—especially if $60,000 defends.
Neutral
Bitcoin breaking below $60,000 is initially bearish because it confirms momentum has turned against bulls and signals risk is being repriced. However, the article’s core trading takeaway is not just the drop—it’s positioning and expected behavior at the range floor. Traders cite rising funding rates and increased short interest as potential precursors to a capitulation move, after which a relief bounce toward ~$70,000 is expected.
This resembles prior market regimes where BTC sells into a clearly watched support level while derivatives positioning becomes crowded; once the “forced selling” completes, rebounds can be sharp and fast even if the higher-time-frame trend hasn’t fully flipped bullish yet. The macro news (US-Iran/Hormuz commentary) is described as having limited incremental effect, which reduces the chance of an immediate broad-based risk-on catalyst.
So for trading: short-term volatility risk remains (break/defend $60K matters), but the market’s own forecasts and crowded derivative signals justify a neutral stance—neither fully bearish continuation nor full bullish reversal is confirmed. Longer-term direction still depends on whether BTC can hold the range lows and then sustain moves that reclaim the next resistance zones.