Bitcoin Builds Support Around $60,000 Despite Ongoing Bear Market
Spot buyers are defending the $60,000 zone, but on-chain data show the bear market is still not over. The next test around $64,000-$66,000 will likely set the tone.
Key Takeaways
- Bitcoin is finding support around $60,000 for now as spot buyers and buy orders in the order books pick up.
- On-chain data, including the Realized Profit/Loss Ratio and the True Market Mean, still point to a dominant bear market.
- The $64,000-$66,000 zone is key; a breakout could open the door to $74,000-$76,000, while rejection could keep Bitcoin range-bound around $60,000-$65,000.
Bitcoin appears to be forming a temporary support area around $60,000 (€52,400) as spot buyers step back in. Still, on-chain valuation and profitability data suggest the bear market is still in control. The recent bounce from the early June lows has eased pressure on new buyers, but it does not confirm a final bottom.
On-Chain Data Still Show a Bear Market
The Realized Profit/Loss Ratio, which compares profitable transactions with losing ones, remains below 1 with a 30-day average of 0.53. That means losses are currently outweighing gains. The True Market Mean is also around $77,200 (€67,400), about 15% above the current price, which reinforces the bearish setup. While the Short-Term Holder MVRV has recovered to 0.90, it is still below the breakeven line of 1.0. Only a sustained move toward 2 would signal a clear trend reversal.
Rising Buying Pressure Is Supporting $60,000 (€52,400)
Despite the negative sentiment, there has been a notable shift in spot liquidity. The Binance order books show a sharp increase in buy orders, far outpacing sell orders. That suggests traders are getting ready to absorb supply at lower levels instead of selling into rallies. The passive buy orders around $60,000 (€52,400) appear to be defending current support. In addition, open interest has dropped and funding has moved toward neutral, which points to a more patient buyer base without excessive leverage.
Long-Term Indicators and Price Levels Will Shape the Next Move
The Capriole Macro Index Oscillator is at -2.03, one of the deepest readings ever. Historically, levels like this have rarely lasted long and have often come before recovery periods. Analysts are still warning about new risks such as digital treasury issues and the emerging quantum threat, so this level looks more like a constructive signal than a confirmed bottom.
On the charts, Bitcoin recently broke out of a rising channel and quickly dropped into the $59,000 (€51,500)-$60,000 (€52,400) area, where volume and volatility spiked. The rebound that followed pushed the price back into a key zone between $64,000 (€55,800) and $66,000 (€57,600). This area will likely decide the next move: a breakout could lead to resistance around $74,000 (€64,600) to $76,000 (€66,300), while rejection could keep Bitcoin stuck in a range between $60,000 (€52,400) and $65,000 (€56,700).
For European investors, this setup may matter because it shows how Bitcoin can still find support at important levels even during an ongoing bear market. That could point to a consolidation phase, with patient buyers possibly helping shape the next price move.
