Bitcoin Hits Yearly Low as ETF Outflows Accelerate in June

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Why is there a possibility of a sharp rebound or a further drop for Bitcoin in July?

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How do short squeezes and moving average recovery impact the future direction of Bitcoin?

Bitcoin Hits Yearly Low as ETF Outflows Accelerate in June — Image source: Unblock Media

Bitcoin falls below $60,000 for the first time since October 2024 amid heavy ETF outflows and macroeconomic pressure
Analysts divided on July outlook as technical weakness persists but possible short liquidations could fuel rebound

On June 28, 2026, CoinDesk reported that Bitcoin dropped under $60,000, marking its lowest level since October 2024 and its steepest monthly decline since 2022. The ongoing sell-off was driven by sustained ETF outflows, institutional selling, and mounting macroeconomic concerns, with the cryptocurrency community debating whether July could bring a recovery or deepen losses further.

On June 24, 2026, CoinDesk highlighted that Bitcoin fell through its $60,000 support amid growing selling pressure tied to expectations for a Federal Reserve rate hike and a shift of investment toward AI-focused equities. Crypto Briefing, on June 26, 2026, noted that Bitcoin reached $59,175 as more than $1 billion was liquidated, attributing the downturn to ETF outflows, significant institutional sales such as those from Strategy Inc., and ongoing geopolitical instability.

Forbes, in a June 25, 2026 report, confirmed Bitcoin’s drop to a 21-month low of $58,131, breaching its 200-week moving average. The article identified mounting bearish sentiment and persistent negative momentum. CoinDesk and Seeking Alpha both emphasized that ETF outflows and deteriorating technical indicators keep the risk of further declines elevated, with a decisive drop below $60,000 opening the possibility of a slide toward $55,000.

However, CoinTelegraph on June 28, 2026, suggested a potential bullish turn for July. Their analysis pointed to Bitcoin's historical average July gain of 7.6% and speculated that a recovery rally toward $67,000 to $75,000 could materialize if large short positions are liquidated and renewed buying interest appears. Still, ongoing ETF outflows, macroeconomic headwinds, and continued technical weakness leave near-term prospects uncertain.

As of June 28, 2026, 17:09 UTC, Bitcoin (BTC) was trading at $59,714.40, down 1.23% in 24-hour volume, according to CoinMarketCap.