6.27 Saturday BTC Morning Thoughts

Bitcoin saw a slight recovery from lows today, but overall weakness remains.
Yesterday, the US session dipped to a low of $58,000, the lowest since October 2024. The current price is hovering around $59,500-$60,000. The cumulative drop in June exceeds 28%, nearly halved from the peak.
Market sentiment is extremely low, with the Fear & Greed Index at just 13. Over $1.1 billion in liquidations across the network in 24 hours, with long positions accounting for the majority.
Large options expired yesterday, with bearish positions dominating. A large number of put options in the $58,000-$60,000 range are suppressing upside potential.

The continued weakness stems from a combination of multiple bearish factors.
US PCE inflation data exceeded expectations, dashing rate cut hopes. The market even anticipates rate hikes. High interest rates weaken the appeal of crypto assets, and a stronger US dollar diverts risk capital.
Bitcoin's correlation with US tech stocks has increased, temporarily negating its safe-haven properties.

Technically, all indicators show a bearish arrangement, with price under pressure below moving averages.
Although indicators have entered oversold territory with some need for a minor correction, incremental capital is insufficient, and resistance above is heavy. In the short term, the pattern remains weak bottoming.
Trading suggestion: short on a bounce to 606-611, target 590, if broken then see 575
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