Bitcoin (BTC) faces a critical test of the $60,000 psychological support level on June 30, 2026, following a week of intense selling pressure and record-breaking institutional withdrawals. The leading digital asset struggled near this threshold during Monday’s Wall Street open on June 29, 2026, even as the S&P 500 and Nasdaq Composite indices climbed.
While the broader stock markets showed resilience, Bitcoin slipped to $59,915, weighed down by $1.79 billion in net outflows from U.S. spot Bitcoin ETFs for the week ending June 26.
Shiba Inu buying interest vanishes amid exchange deposits
The downturn is part of a broader Bitcoin price analysis that highlights a dismal June for the sector. Bitcoin is currently on track to end the month down nearly 19%, which would mark its weakest monthly performance since mid-2022.
Investor sentiment remains pinned in the “Extreme Fear” zone, with the Fear and Greed Index falling to 15 as traders rotate capital away from high-volatility assets and into semiconductor and AI stocks.
The technical outlook remains precarious as the asset has fallen below its 200-week moving average near $62,000, a level historically associated with extended bear-market phases.
While Bitcoin battles key round numbers, Shiba Inu (SHIB) is facing a crisis of demand that has seen buying volume effectively evaporate. The asset has failed to regain momentum since breaking out of a multi-month rising wedge pattern, and it currently trades below its 50-, 100-, and 200-day moving averages.
Key details
This bearish alignment is triggered by a massive surge in exchange activity; trillions of SHIB tokens were moved to centralized exchanges recently. Specifically, exchange inflows surpassed 240 billion SHIB, stoking fears that large holders are preparing to liquidate their positions rather than hold.
Traders appear hesitant to enter the market while such high volumes of tokens sit on exchanges, often viewing these deposits as a signal of incoming selling pressure. This lack of speculative energy comes even as some network fundamentals show signs of life.
Over the last 24 hours, active addresses and transaction counts on the Shiba Inu network have increased.
However, the market remains focused on price action rather than on-chain usage, and the macro warning signs suggest that without a return of risk capital, SHIB remains susceptible to additional drops as it sets lower highs and lower lows.
Dogecoin Relative Strength Index hits oversold territory
Dogecoin (DOGE) currently shows signs of potential stabilization near $0.072 after a correction that saw it lose more than 35% of its value since peaking in May.
The intensity of this decline now appears to be lessening, supported by volume dynamics that show recent price drops have not coincided with the explosive selling volume seen in previous weeks.
One of the most significant indicators for a potential bottom is the Relative Strength Index (RSI), which has dropped to approximately 21, placing the meme coin firmly in oversold territory.
Resistance levels and moving average hurdles
Despite the oversold signal, DOGE remains trapped below all major resistance levels. The gap between the current price and the moving averages has widened, which often precedes a mean reversion, but bulls face a steep climb. The first major obstacle is reclaiming the 50-day moving average near $0.083.
Beyond that, the 100-day moving average at $0.093 and the 200-day moving average at $0.11 represent significant barriers. While the “weak hands” may have already exited, the overall market structure for Dogecoin remains negative until it can break out of its series of lower highs.
Bitcoin technical outlook and liquidation pressure
The struggle at $60,000 involves heavy defensive positioning from institutional players. According to data from Glassnode, while on-chain data is becoming “more balanced,” the shift toward speculative investor ownership has increased volatility.
The market witnessed a massive liquidation event recently, with Coinglass reporting that 86,762 traders were liquidated for a total of $355.22 million in a 24-hour period ending June 29. Furthermore, approximately $11 billion in options contracts expired on June 29, which likely kept prices pinned near $60,000 as market makers hedged their positions.
For a sustained recovery, Bitcoin must clear the 50-day moving average near $63,700, which has emerged as the first significant overhead resistance. The asset’s long-term trend remains pressured while staying below the 200-day moving average of $75,514. Market participants are also keeping a close eye on the Bitcoin exchange supply and broader economic factors.
Trading firm QCP Capital has warned that liquidity may thin out further as U.S. markets close on July 3, 2026, potentially leading to elevated volatility amid Middle East tensions and shifting oil prices.