Bitcoin(BTC) remains above $60,000 despite renewed geopolitical pressure, but weak spot demand is raising doubts about whether the recovery can last. Key Points: Bitcoin has held the $60,000
Bitcoin(BTC) remains above $60,000 despite renewed geopolitical pressure, but weak spot demand is raising doubts about whether the recovery can last.
- Bitcoin has held the $60,000 support area despite rising oil prices and renewed uncertainty tied to the U.S.-Iran conflict.
- Whale positioning has turned more bullish, while retail traders continue to expect further downside.
- Negative spot demand remains the main obstacle to a sustained move toward $65,000 to $70,000.
Bitcoin has stayed above its key support zone after U.S. President Donald Trump withdrew from the ceasefire with Iran, reviving uncertainty across risk markets. Oil prices rose more than 5% and approached $75, a move that has historically coincided with broad crypto market corrections.
The market has not followed that pattern so far.
Bitcoin gained more than 6% during the late June and early July recovery, even as energy prices climbed. That divergence suggests traders may be absorbing geopolitical risk rather than immediately reducing exposure, although the strength has not yet produced a clear breakout.
Data from CoinGlass showed more than $13 million in Bitcoin long positions were liquidated over 24 hours as leveraged traders were pushed from the market. Bitcoin nevertheless held support, indicating that the decline may have removed excess leverage without breaking the wider technical structure.
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Whale activity now offers a clearer test of whether the recovery has durable support. Alphractal reported that its Whale vs. Retail Delta was rising, with larger traders adding long exposure while smaller accounts remained positioned for further declines.
Whale buying also increased near Bitcoin’s recent $58,000 low.
However, CryptoQuant data showed that Bitcoin’s 30-day spot demand has remained negative since December 2025. The measure fell to about minus 273,000 BTC in mid-June before recovering to roughly minus 100,000 BTC, meaning buyers still have not fully absorbed available supply.
That gap leaves the market dependent on continued whale accumulation. Improving spot demand could support another advance toward $65,000 to $70,000, but persistent weakness would make the current consolidation vulnerable to a reversal and strengthen the bull trap argument.
The demand picture has deteriorated for months rather than days. Since turning negative in December 2025, the metric has improved from its June low but has not returned to expansion, leaving Bitcoin’s recent resilience unconfirmed by broad buyer participation.
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