Bitcoin Price $61K Struggle: Will July Bring a Rebound?

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The increased crypto pessimism in the past few weeks has put Bitcoin (BTC) price in limbo. The flagship coin has continued to hover around $61k as crypto investors anticipate a possible price rebound in July. Moreover, Bitcoin price is likely to close in June in a red candlestick amid heightened selling pressure. 

Is the Midterm Heightened Selling Pressure Over?

The German and the United States governments have added the bearish pressure triggered by the upcoming Mt.Gox repayment program. However, the small cash inflows to spot Bitcoin ETFs in the United States over the last two days have quelled the recent bearish pressures.

Meanwhile, the anticipated listing of spot Ether ETFs earlier next month could impact the Bitcoin bulls negatively. The accelerated crypto cash rotation from Bitcoin to the altcoin industry has increased the chance of BTC dominance reversal ahead. 

Analysts’ Take on Bitcoin Price Action

According to a popular crypto trader and analyst alias Mags on X platform, Bitcoin price is currently hovering around a crucial support level that must hold to avoid further crypto capitulation. The crypto analyst highlighted that the critical support level around $60k must hold to avoid a sudden nosedive towards the range between $50k and $52k.

With Bitcoin price on the weekly time frame having rebounded off the $60k level severally in the past four months, the crypto analyst is confident of a market reversal towards a new all-time high soon.

A similar opinion was shared by crypto analyst Michaël van de Poppe, who added that the upcoming listing of spot Ether ETFs in the United States will add fuel to the next crypto-bullish outlook