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Rekt

Bitcoin (BTC) rallied to $60,000 at Wednesday’s Wall Street open as stocks moved higher and US dollar strength fell.
Key points:
<ul>
 <li>Bitcoin catches an early tailwind at the start of July's first US trading session, rising with stocks.</li>
 <li>US dollar strength cools as analysis sees an increasingly "crowded" USD long trade.</li>
 <li>Bitcoin traders maintain faith that July will form a relief-bounce monthly candle.</li>
</ul>
<h2 id="btc-price-eyes-3-daily-gains">BTC price eyes 3%+ daily gains</h2>
Data from TradingView showed BTC/USD spiking to $60,475 on Bitstamp, taking daily gains to nearly 3%.<img alt="" height="902" src="https://s3-images.ctmedia.io/media/content/btcusd2026-07-0118-37-50.png" width="1583">
BTC/USD one-hour chart. Source: Cointelegraph/<a href="https://www.tradingview.com/symbols/BTCUSD/" rel="noopener noreferrer nofollow">TradingView</a>
 The new monthly candle had started with a bump and a trip to new multiyear lows for the pair, and 24-hour crypto long liquidations totaled more than $200 million at the time of writing, per data from <a href="https://www.coinglass.com/liquidations" rel="noopener noreferrer nofollow">CoinGlass</a>.<img alt="" height="553" src="https://s3-images.ctmedia.io/media/content/screenshot-2026-07-01-183644.png" width="1520">
BTC/USD vs. cryptocurrency liquidations (screenshot). Source: CoinGlass
 “$BTC showing a lovely pump this NY session,” trader Lennaert Snyder wrote in a <a href="https://x.com/LennaertSnyder/status/2072324380210634937" rel="noopener noreferrer nofollow">response on X</a>.
Snyder expected a low-time frame reversal to kick in, with an accompanying chart showing “exhaustion” to hit before price reached $60,700.<img alt="" height="1038" src="https://s3-images.ctmedia.io/media/content/hmjfli1wgaakkfv.png" width="1819">
BTC/USDT one-hour chart. Source: Lennaert Snyder/X
 Fellow trader Daan Crypto Trades saw a potential breakout on the cards should price attack either end of its low-time-frame range.
“Let’s see if this turns this $58K-$61K area into a range for the time being,” he <a href="https://x.com/DaanCrypto/status/2072252881277993091" rel="noopener noreferrer nofollow">told</a> X followers on the day.&nbsp;
<blockquote>
 “I think there’s a good chance that the next attempt at the range high or low will cause a decisive break and bigger move.”
</blockquote><img alt="" height="1087" src="https://s3-images.ctmedia.io/media/content/hmifauvxqaewjzn.png" width="1280">
BTC/USDT perpetual contract one-hour chart. Source: Daan Crypto Trades/X
 Bitcoin appeared to benefit from a drop in US dollar strength, with the US dollar index (DXY) reversing from local highs of 101.6 at the open.<img alt="" height="902" src="https://s3-images.ctmedia.io/media/content/dxy2026-07-0118-32-28.png" width="1583">
US dollar index (DXY) one-week chart. Source: Cointelegraph/TradingView
 Stock markets trended higher after some initial volatility, in part fueled by Meta stock, which added over 11% in the first hour.
Commenting on DXY, trading resource The Kobeissi Letter warned that a broader dollar trend change could come “soon.”
“The long US Dollar trade is crowded: Speculative long positioning in the US Dollar surged to +$34.3 billion as of June 23rd, the highest in 18 months,” it <a href="https://x.com/KobeissiLetter/status/2072322187130794030" rel="noopener noreferrer nofollow">reported</a> on X.<img alt="" height="713" src="https://s3-images.ctmedia.io/media/content/hmjd1viwqaath3e.png" width="974">
US dollar long position data. Source: The Kobeissi Letter/X
<h2 id="bitcoin-july-relief-rally-becomes-base-case">Bitcoin July relief rally becomes "base case"</h2>
Other market participants continued to call for a BTC price relief rally through July.
Related: <a href="https://cointelegraph.com/markets/bitcoin-is-just-a-5k-drop-away-from-its-best-investment-opportunity-analysis" rel="noopener noreferrer nofollow">Bitcoin just $5K away from ‘best investment opportunity’ of bear market</a>
“Bitcoin Monthly close below its long-term trendline,” trader Titan <a href="https://x.com/Washigorira/status/2072322039210516622" rel="noopener noreferrer nofollow">noted</a> alongside the one-month BTC/USD chart.&nbsp;
<blockquote>
 “My base case: a relief rally in July before the downtrend resumes.”
</blockquote><img alt="" height="947" src="https://s3-images.ctmedia.io/media/content/hmjc3zcboaamilw.png" width="1911">
BTC/USD one-month chart. Source: Titan/X
 Trader and analyst Rekt Capital reiterated his belief that July would offer the opposite of June’s downside before a return to <a href="https://cointelegraph.com/markets/btc-price-rsi-prints-key-2026-signal-five-things-to-know-in-bitcoin-this-week" rel="noopener noreferrer nofollow">bearish moves in August</a>.
“Red June. Green July. Red August. This is what Bitcoin price history suggests,” he <a href="https://x.com/rektcapital/status/2072294550144500029" rel="noopener noreferrer nofollow">summarized</a> on the day.&nbsp;
<blockquote>
 “Bitcoin could possibly see some downside wicking below the new Monthly Open in early July. But history suggests price should be able expand to the upside as the month progresses.”
</blockquote>

Bitcoin price returns to $60K as US dollar strength rejects weekly high

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