Is this $60k bowl of noodles worth eating or not?

Brothers, June 30th is here—the day the monthly candle closes.

Honestly, Bitcoin has been quite torturous this whole month. From the beginning of the month, it kept getting smashed down: the high hit $65,597, and the low went as low as $58,030. During the daytime today, it bounced back a bit and is currently hovering around $60,000–$60,300. In June overall, it dropped by about 19%, the worst month since mid-2022.

Looking at the order book, after the continuous big sell-off, both bulls and bears are exhausted, and on the 4-hour timeframe it has been grinding in a narrow range. There was, however, a rebound in the early hours, with both sides breaking above the top of the recent consolidation range—short-term bullish sentiment warmed up slightly. But if you look closely at the volume, it hasn’t really expanded much. It’s more like a technical bounce after short sellers took profits; it’s not a true offensive signal.

The key levels—I'll highlight them for you:

· Support: The first line of defense is at $59,400–$59,000, with strong support at $58,500. If the $58,000 level is effectively broken, below that is the $55,000–$57,000 range, and the picture won’t look good.
· Resistance: The first pressure zone is $60,600–$61,000, with strong resistance at $61,500. To truly turn bullish, you need to hold steady above $60,500 and break through $62,000 with increased volume. If $62,000 can’t even be cleared, then whatever “reversal” talk you hear is just fooling yourself.
· Intraday pressure: The upper BOLL band at $60,373 creates short-term resistance. The MACD has formed a golden cross, but the bulls still haven’t really kicked into gear.

So how should you open your position? I’ll share my thinking—only for reference, not a trade call.

For brothers looking to go long: you can wait for a pullback to the $59,000–$59,400 zone and try a light long position. Set your stop loss below $58,500, and your initial targets should be $60,600–$61,000. Position sizing must be light—this market isn’t the time to go all-in.

For brothers looking to go short: if the rebound to $60,600–$61,000 clearly runs into pressure and can’t break higher, you can short briefly. Put your stop loss above $61,500, and target $59,500–$59,000.

Personally, I’m more inclined to watch and do less. The $60k level is very delicate. On the US-Iran front, Trump said talks are happening in Doha today, but Iran turned around and denied it. This geopolitical bomb still hasn’t been fully defused. Plus, Thursday (July 2) brings the non-farm payroll data—this is the real trigger. If the data comes in above expectations and strengthens rate-hike expectations, Bitcoin is likely to take another step down.

Remember, in June, ETF funds saw a net outflow of $4.4 billion, the worst monthly performance this year. Institutions are running—if you insist on going all-in to catch the falling knife, I can’t stop you. But at least set your stop loss properly and don’t throw your living expenses into a gamble.
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