What to know:
- Bitcoin price climbed back toward $60,000, with analysts suggesting the market may be nearing its final capitulation phase.
- BTC must reclaim the 200-week moving average near $62,648 to strengthen the case for a sustained recovery.
- Short-term technical indicators show selling pressure is fading, though overall momentum remains cautiously bearish.
Bitcoin price seems to be stable again after weeks of downward pressure, although analysts think that the bottom of the market could still be ahead. As of the time of writing, BTC is trading at $59,869, registering a price increase of 2.62% over the last 24 hours. It currently has a daily trading volume of $52.26 billion, while its market capitalization is $1.20 trillion.
Bitcoin Price Signals Final Market Bottom
On July 1, 2026, the crypto analyst, Ash Crypto, provided his monthly forecast of Bitcoin, stating that the asset might be approaching the last phase of its current correction period prior to the next bull run. Bitcoin is trading below the 50-month Moving Average (MA), and it represents the lowest technical strength level for the asset in more than two years.
In addition, Ash Crypto noted that the monthly MACD indicator is now even more bearish than it was at any point during 2022. While this may demonstrate the strength of selling activity, Ash Crypto thinks it could equally indicate that the current crypto market correction will be coming to an end soon.
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Bitcoin Price Faces Key Resistance
Although there were no strong charts for this analysis, Ash Crypto mentioned some economic trends that would likely help the Bitcoin price in the next few months. ISM Manufacturing PMI is up to 54, marking the best performance in four years, whereas the price of oil dropped below $68.50. Moreover, there have been job openings for the past two years.
Given the four-year cycle pattern seen historically with Bitcoin price, the analyst anticipates an eventual capitulation within the coming two to three months prior to a potential uptrend. But for this to happen, Bitcoin will need to break above the 200-week Moving Average of around $62,648.
Technical Indicators Show Selling Pressure Is Slowing
In the short-term time frame, the signs are positive for the market as selling is starting to show signs of exhaustion. Bitcoin’s current price level stands at $59,869, hovering above the lower Bollinger Band at $57,702, with the middle band at $62,439. Being above the lower band reflects the buyers’ attempts to defend key support levels.
However, the MACD remains bearish because the MACD line is below -2,320.71 compared to the signal line that stands below -2,322.81. The histogram, on the other hand, is now slightly positive, standing at 2.09. Bearish momentum is waning, although the trend has not yet turned bullish. A more pronounced movement above the signal line would boost the probabilities of a recovery.
The next step that Bitcoin takes will have implications for the crypto market, since many of the alternative currencies tend to take their lead from the price movements of Bitcoin. Now, investors will be looking at whether BTC is able to make a breakout above $62,648 or will experience another period of selling ahead of a rebound.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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