After closing June down about 20%, Bitcoin rose (Bitcoin) The price opened on July 1, 2026 at its lowest level in more than 21 months.
Bitcoin’s price fell to $57,950 earlier on Wednesday, its lowest level in 652 days. At press time, the major coin was trading at around $58,620, down about 1% over the past 24 hours.
As such, Bitcoin’s market capitalization fell by about $15.1 billion over the past 24 hours to hover near $1.2 trillion at the time of reporting.
Why did the price of Bitcoin fall today?
Bitcoin price opened July on bearish sentiment amid continued selling pressure from US ETFs (exchange-traded funds). It is worth noting that BlackRock’s iShares Bitcoin Trust (He will go) BTC ETFs led in large outflows in June, such as Finbold I mentioned.
As such, US Bitcoin ETFs recorded their highest monthly cash flow since their inception, at about $4.51 billion in June, according to Metrics from SoSoValue. The increasing demand for artificial intelligence Stocks It has been putting pressure on Bitcoin and the broader cryptocurrency market, such as Finbold He explained.
Bitcoin price analysis
From a technical analysis point of view, Bitcoin price is retesting the monthly support level at around $58,513, according to a report. to update From the analyst Killa.
As a result, this analyst highlighted that the worst-case scenario for Bitcoin’s price in the near future is to drop to $40,000 before the following year. encryption The bull rally begins.
What’s next for major cryptocurrencies?
After a multi-month bear market, Bitcoin price could rebound from the current support level. Furthermore, Bitcoin whales have aggressively amassed more than 270,000 BTC over the past two weeks, according to Data from Cryptoquant.
However, Peter Schiff, chief economist and global strategist at Europac, to caution The support level of $58,000 must hold to avoid capitulation below $50,000. As such, if US BTC ETFs reverse their July selling spree, a potential rebound could occur over the coming days.
