Bitcoin rallies to $60K, SOL surges to a 14-day high! 80K people liquidated as shorts squeezed, and the panic index still sits at 15

The crypto market rebounded from the 14-day low on June 25, with Bitcoin returning to the edge of $60k (+0.53%), Solana leading with +3.79%, hitting a 14-day high of $76.49 at 04:01 this morning. Total liquidations in 24 hours reached $303.6 million, with nearly 80k traders liquidated, of which short liquidations were $158.5 million, exceeding longs, indicating a collective short squeeze. However, the Fear and Greed Index remains at 15 (Extreme Fear), and the market is still far from a true recovery.
(Previous summary: Spot Bitcoin ETF bled a record $4.06 billion in June, institutional demand collapse spooks market)
(Background: Bitcoin breaks below $60k, inflation resurgence coupled with $700 million ETF exodus! Analyst warns: 'Bottom not yet in')

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• $300 million liquidations, shorts bear the brunt
• Rebound triggers: short covering + US stocks risk-on, but ETF bleeding and Fed hawkishness weigh
• SOL leads surge to 14-day high, XRP holds $1 modestly
• Fear index 15: Rebound, but market still in the mire of extreme fear

After hitting a 14-day low of $58,188 on June 25, Bitcoin launched a counterattack on Tuesday morning, now at $59,828 (as of press time), up 0.53% in 24 hours, with a daily high of $60,780, once again knocking on the $60k threshold. Ethereum also caught its breath, now at $1,592 (+1.55%), with a 24-hour high of $1,637; Solana, with +3.79%, became the strongest performer among the four coins, hitting $76.49 at 04:01 this morning, a new 14-day high. The overall market is slowly climbing from the bottom, but the air is still filled with panic.

$300 million liquidations, shorts bear the brunt

According to CoinGlass data, total market liquidations in the past 24 hours reached $303.6 million, with 79,926 traders forcibly liquidated, and the largest single liquidation amounted to $13.04 million. Notably, short liquidations were $158.5 million, higher than long liquidations of $145.1 million, indicating that shorts faced greater pressure during this rebound, forced to cover and fueling upward momentum. Looking at the more recent 12-hour window, liquidations still reached $206 million, showing market volatility far from calming.

Rebound triggers: short covering + US stocks risk-on, but ETF bleeding and Fed hawkishness weigh

The direct fuel for this rebound comes from the self-correction of the long-short structure: short covering triggered a chain squeeze, and short-term technicals bounced from oversold territory. On the macro level, US stocks closed strong on June 29, with the Dow Jones Industrial Average breaking 52,000 points for the first time in history, the Nasdaq up 0.98%, the S&P 500 up 0.55%, and Alphabet officially joining the Dow components, with tech risk-on sentiment spilling over.

However, the forces suppressing bulls cannot be ignored. The Fed unanimously decided to keep rates unchanged at 3.5%-3.75% at the June 17 FOMC meeting, with the next meeting set for July 28-29. The market currently prices an 82% probability of no change, 16% hike, and only 1% cut, with a consensus of 79.8% for 'zero cuts' for the year, making the overall rate environment hawkish. Another pressure comes from spot Bitcoin ETFs: ETF bleeding in June reached $4.06 billion, a record high, and the signal of institutional capital retreat has not reversed.

SOL leads surge to 14-day high, XRP holds $1 modestly

Solana is today's top performer among the four coins. Besides the +3.79% gain, it hit $76.49 at 04:01 this morning, the highest in 14 days, with short-term momentum clearly stronger than BTC and ETH. XRP is relatively modest, now at $1.05, up only 0.44% in 24 hours, consolidating in a narrow range of $1.03 to $1.08, holding the $1 level but lacking clear direction. The total crypto market cap has slightly recovered with the rebound, but is still far from the recent peak on June 16.

Fear index 15: Rebound, but market still in the mire of extreme fear

The Fear and Greed Index (alternative.me) reads 15 today, still in the 'Extreme Fear' zone, compared to 12 yesterday and 23 last week. Although the number has slightly recovered, it reflects that market sentiment is still far from repair. Even with a technical rebound in price, most investors still choose to wait or reduce positions. This contrasts with the risk-on atmosphere in US stocks: traditional markets hit new highs, while the crypto market remains stuck in a panic trough, with no significant capital rotation inflow yet.

Forward-looking observation: Whether Bitcoin can hold above $60k after the rebound is a short-term battleground. If spot ETF inflows turn positive and technicals hold key support, there is a chance for the recovery to evolve into a true trend reversal; but if the July 28-29 FOMC turns hawkish again and ETF bleeding continues, this rebound may just be a retest of lows after sentiment repair.