Bitcoin Hits Two-Week Lows as Traders Predict Rally to Lower High

Bitcoin (BTC) hit new two-week lows at Wednesday’s Wall Street open as traders predicted a rally to a "poor" lower high.

Data from TradingView showed BTC price action dropping below $60,000 for the first time since June 10.

Traders had warned of increasing short interest with rising funding rates, boosting the odds of a capitulatory move lower.

“It's time to start bouncing soon on the LTF,” trader Killa wrote in ongoing commentary on X, referring to low time frames.

“Range bound till proven otherwise.”

Killa uploaded a further chart showing a relief bounce toward $70,000, being due following the bounce.

Fellow trader RektProof had a broadly similar forecast, seeing BTC/USD trading in a range with $60,000 as its floor “for the rest of the month.”

“Overall, a move to supply and back down to the EQ lows before forming back to poor highs + 70k,” he added.

On a macro level, US stocks appeared to have already priced in relief from the US-Iran peace deal.

Upside was limited at the open despite US President Donald Trump offering further details of mutual cooperation between the two sides.

Trump specifically made reference to the Strait of Hormuz oil transit route, writing in a post on Truth Social that there would be “no tolls, no insurance costs, & no other charges of any kind being sought or received by Iran on ships traveling” via the route.

The S&P 500 traded up 0.4% at the time of writing, while the Nasdaq Composite Index even turned slightly negative on the day.