Bitcoin traded near $60,350 in early July 2 activity, gaining 2.37% over 24 hours as the US dollar and crude oil prices fell to four-month lows. The rebound followed a decline to a 21-month low earlier in the week, while stronger risk sentiment helped Bitcoin reclaim the important $60,000 level.
CoinSwitch said the US dollar’s retreat created a favorable environment for Bitcoin as long-term investors increased their holdings during the recent market decline. The firm reported that long-term holders added 270,000 BTC within two weeks, absorbing part of the pressure created by spot Bitcoin exchange-traded fund outflows.
At the same time, funding rates remained positive for three consecutive days, showing that derivatives traders continued to favor long positions despite June’s steep decline. CoinSwitch said traders could wait for a confirmed close above $61,000 before treating the rebound as a reliable shift in Bitcoin’s short-term direction.
Spot Bitcoin ETFs recorded $4.5 billion in net outflows during June, adding selling pressure as Bitcoin lost about 20% across the month. Still, Glassnode data showed that the long-term holder net position change returned to positive territory after an extended period of distribution.
The indicator tracks the 30-day supply change among wallets holding Bitcoin for at least 155 days, which Glassnode classifies as long-term holders. Current net accumulation ranges between about 50,000 and 100,000 BTC, according to Glassnode’s chart. Previous bullish buying waves approached 400,000 BTC.
Glassnode said transitions from distribution to accumulation have often appeared during weak markets as committed investors increase exposure while shorter-term participants reduce risk.
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Glassnode’s Accumulation Trend Score increased during the past month, suggesting that buying expanded across several wallet groups instead of remaining concentrated within one category.
Wallets holding less than one BTC recorded the strongest score, near 0.8 to 0.9. Holders of between 100 and 1,000 BTC showed similar accumulation. Wallets holding between one and 100 BTC posted moderate readings of about 0.6 to 0.7. Wallets containing 1,000 to 10,000 BTC also became net buyers.
By contrast, wallets holding more than 10,000 BTC remained near neutral, with readings around 0.4 to 0.5 and limited evidence of aggressive accumulation. Glassnode said widespread buying can support longer-term market recoveries. Still, the firm cautioned that Bitcoin has not entered a complete accumulation phase.
Meanwhile, investors continued monitoring the upcoming US nonfarm payrolls report, which could influence expectations surrounding the Federal Reserve’s interest-rate outlook. Mudrex Lead Quant Analyst Akshat Siddhant identified $61,000 as the next important upside level, while $58,300 remained Bitcoin’s main support area.
Bitcoin’s rebound above $60,000 gained support from a weaker US dollar and renewed accumulation by long-term holders, although ETF outflows and cautious whale activity still limit confidence. Traders should watch a confirmed break above $61,000 and the $58,300 support level before judging whether the recovery can continue.