Bitcoin crashed to $59,000: DXY at its peak, while whales buy the panic
On the evening of June 24, the leading cryptocurrency took a sharp dive, reaching the $59,060 mark. This drop occurred against the backdrop of a strengthening U.S. Dollar Index (DXY), which soared to a 13-month high. Such synchronicity is a classic signal of capital flowing from risk assets into the "safe haven" of the dollar.
At the time of writing this analysis, Bitcoin has partially recovered, trading around $61,700. However, pressure on the market persists: most altcoins in the top 10 by market capitalization are following the flagship. Ethereum is holding around $1,650, BNB near $570, and SOL at the $70 level.
The explosive volatility triggered massive liquidations. Over the past 24 hours, the total volume of forced position closures on the crypto market exceeded $1 billion, with $780 million of that coming from long positions. The Fear and Greed Index has plummeted to 12 points — the "extreme fear" territory, which historically has preceded trend reversals.
Current Situation Analysis: Capitulation or Accumulation?
Technical analyst Joao Wedson notes that Bitcoin is trying to exit the capitulation phase but has not yet reached the "extreme scenario" of past cycles. In previous bear phases, miners suffered serious losses, and the asset entered a deeply oversold zone. This has not happened yet, leaving room for maneuver.
Data from CryptoQuant paints an even more interesting picture: the inflow of funds to Bitcoin accumulation addresses has reached an all-time high. This means that retail investors are panic-selling their coins, while large players — whales — are absorbing supply at record rates. The psychological gap between these two groups is widening to extreme levels.
In the futures market, downward pressure persists, and no positive catalysts are visible yet. However, MN Trading founder Michaël van de Poppe emphasizes that for Bitcoin to return to an uptrend, it needs to close the week above the 200-week moving average (200-WMA), which is currently around $63,000. If this happens, we will see a powerful rebound.
Recall that U.S. spot Bitcoin ETFs recorded a sixth consecutive week of capital outflows: as of June 18, net outflows amounted to $90.66 million. This suggests that institutional investors are not yet in a hurry to return to the market.
My expert conclusion: The current situation resembles a classic "shakeout" phase for weak hands. Panic selling by retail investors against the backdrop of record whale accumulation is almost always a harbinger of a strong upward move. But to confirm this, we need to wait for a weekly close above $63,000. Until then, any downward movements are opportunities for those who know how to wait.