Bitcoin slips below $59,000 as strong dollar and Fed uncertainty weigh on sentiment
Synopsis
Bitcoin dipped below $59,000 amid a strong dollar and Federal Reserve uncertainty, with major altcoins showing mixed movements. Analysts point to investor caution ahead of key U.S. economic data and Fed minutes, while long-term holders and institutional investors appear to maintain conviction. Spot Bitcoin ETF flows remain subdued, indicating a wait-and-watch approach from large players.
Bitcoin slipped below the $59,000 mark on Wednesday as a strong dollar and uncertainty over the US Federal Reserve weighed on market sentiment. The cryptocurrency was trading at $59,103.
In the past 24 hours, Bitcoin was down 0.49% and Ethereum was up 0.15% to trade at $1,590 mark. Among the major altcoins, BNB, Tron, Hyperliquid slipped up to 1% whereas XRP, Solana, Dogecoin and Cardano gained upto 4.36%.
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Crypto TrackerTOP COINS (₹) Tether95 (0.06%)USDC95 (0.05%)Ethereum148,966 (-0.97%)BNB51,650 (-1.09%)Bitcoin5,547,462 (-1.35%)Akshat Siddhant, Lead quant analyst, Mudrex, said that BTC ended June down 20.45%, leaving nearly 45% of the total Bitcoin supply underwater, a level last seen in 2019. Investors are now focused on Fed Chair Kevin Warsh’s speech, which could shape expectations for monetary policy in the months ahead.
A dovish tone from the Fed chair could help Bitcoin reclaim the support at $60,000, he further said.
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The global crypto market capitalisation remained unchanged at $2.06 trillion, according to . As per financial disclosure, President Trump holds more than $100M in crypto assets, including Bitcoin and Ethereum. The disclosure also shows he earned over $1.46B from crypt ventures, said CoinDCX Research Team.
In the past week, Bitcoin and Ethereum were down 6% and 5.01% respectively. Among the major altcoins, BNB, XRP, Tron, Dogecoin, and Cardano fell upto 8.82% whereas Solana and Hyperliquid were up 7.56% and 4.92% respectively.
Vikram Subburaj, CEO, Giottus said recent U.S. spot Bitcoin ETF flows have remained muted, with a modest net outflow on June 30. This indicates that large institutional buyers are yet to return in a meaningful way. Markets are also awaiting the upcoming U.S. jobs data, which could influence expectations for the Federal Reserve’s next policy decision.
He further said that investors should avoid chasing short-term price swings ahead of key U.S. macroeconomic data. A disciplined, staggered investment approach focused on fundamentally strong assets remains the prudent strategy until market conviction strengthens.
Here is what other analyst say
Avinash Shekhar, Co-Founder & CEO, Pi42: Bitcoin slipped below the $60,000 mark as cautious investor sentiment persisted ahead of key U.S. economic data, with ETF outflows and broader macro uncertainty continuing to weigh on the market. While short-term price action remains under pressure, the current phase reflects a market navigating external headwinds rather than a shift in Bitcoin’s long-term fundamentals.
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WazirX market’s desk: Markets will be looking for clues on the Fed’s next move from the minutes of the last meeting scheduled to be published next week. Expectations for another rate hike are still elevated. A dovish signal could improve risk appetite, while a hawkish stance may strengthen the dollar and weigh on crypto and equities.
Ashish Singhal, Co-founder and CEO, CoinSwitch: On-chain data still suggests long-term holders remain largely unmoved, while larger investors continue to accumulate during periods of weakness which indicates that conviction among experienced market participants remains intact despite near-term volatility.
Piyush Walke, Derivatives Research Analyst, Delta Exchange: Bitcoin Remains Anchored near $60,000 Amid U.S. Stock Market Surge. Bitcoin (BTC) is hovering at a key inflection point, with retail investors continuing to offload their holdings while institutional buyers remain on hold despite attractive valuations. As a result, the market remains range-bound, awaiting its next decisive move.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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