On the evening of June 24, Bitcoin fell to $59,060, while the US Dollar Index (DXY) reached a 13-month high.

Hourly chart of BTC/USDT on Binance and DXY dynamics. Source: TradingView.

As of this writing, the leading cryptocurrency has recovered to $61,700.

Most of the top 10 cryptocurrencies by market capitalization followed Bitcoin's lead. Ethereum is holding around $1,650, BNB is trading at $570, and SOL is priced at $70.

Source: CoinMarketCap.

According to CoinGlass, the total liquidation volume in the crypto market over the past 24 hours reached $1 billion, with the majority ($780 million) coming from long positions.

Source: CoinGlass.

The Crypto Fear and Greed Index has dropped to 12.

Source: alternative.me.

Market Participants' Opinions

Technical analyst Joao Wedson believes Bitcoin is attempting to exit the capitulation phase. However, he notes that the market has yet to see an "extreme scenario" like in previous cycles, where miners faced significant losses and Bitcoin entered a state of deep overbought conditions.

Bitcoin will eventually try to recover and move out of this capitulation phase.

However, we still have not seen an extreme capitulation scenario like in previous cycles, where miners faced heavy losses, the supply moved in the last 7 days increased significantly, and price… pic.twitter.com/xAYUwkcZV5

— Joao Wedson (@joao_wedson) June 25, 2026

"If this happens in the coming months, you can be sure it won't last long, and only a few will have the opportunity to accumulate assets," the expert added.

CryptoQuant pointed out that the inflow of funds to Bitcoin accumulation addresses has reached an all-time high. This indicates panic selling by retail investors and simultaneous absorption of supply by larger players.

Source: CryptoQuant/X.

Analysts noted that there is ongoing downward pressure in the futures market, with no positive news on the horizon.

"Amid panic selling by retail investors, large players are accumulating Bitcoin at record rates, and the psychological gap between the two sides is widening to extreme levels," CryptoQuant concluded.

MN Trading founder Michaël van de Poppe stated that for a return to an upward trend, Bitcoin must close the week above the 200-week moving average, which is around $63,000.

Fast sweep of the lows on #Bitcoin and a quick move upwards.

The weekly hasn't closed yet, but if the weekly can close above the 200-Week MA, we're in great territory for more upside.

Ultimately; don't sell your #Bitcoin to buy it back lower. Just simply hold would be my… pic.twitter.com/0jFaKZEIJh

— Michaël van de Poppe (@CryptoMichNL) June 25, 2026

It is worth noting that US spot Bitcoin ETFs have closed in the red for six consecutive weeks, with a net outflow of $90.66 million as of June 18.