Bitcoin fell to a new 2026 low of $57,735 on July 1 before reclaiming the $60,000 threshold, driven by a short-squeeze that reversed earlier selling pressure. The cryptocurrency initially dropped ahead of the monthly close on June 30, then surged past $60,000 around 8:50 a.m. EST on July 1, hitting an intraday high of $60,475. Bitcoin closed the first half of 2026 down roughly 30%, fueling investor anxiety over whether the asset can reach $100,000 before year-end.
Bitcoin Drops to $57,735 Then Recovers Above $60,000 on July 1
Bitcoin found temporary support above $58,000 during the afternoon of June 30, but selling pressure intensified ahead of the monthly close, sending the asset to an intraday low of $57,735. The cryptocurrency bounced from this local bottom, reclaiming the $58,000 level before the initial relief rally stalled just after midnight on July 1, shortly after breaching $59,000. Bitstamp data indicates bitcoin then entered a period of orderly distribution, drifting lower before stabilizing above $58,000.
The turning point occurred around 8:50 a.m. EST on July 1, when a surge in spot buying volume triggered a powerful move past $60,000, reaching an intraday high of $60,475. At the time of writing, bitcoin traded around $60,000, maintaining a 24-hour gain of nearly 3%. This resurgence pushed its standalone market capitalization back above the $1.2 trillion milestone.
Crypto Market Cap Rises 2.4% to $2.15 Trillion
The bullish momentum spilled over into the broader altcoin market, where several large-cap assets posted gains exceeding 7%. This collective lift pushed the aggregate crypto market capitalization up 2.4% to a total of $2.15 trillion.
Trader Noname Predicts Final Flush Before Move to $100,000
Onchain and technical analysts remain divided on whether the macro bottom is officially in, though a growing consensus suggests the market is entering the final phases of price discovery. Pseudonymous crypto trader Noname warned followers on X that true capitulation usually looks much uglier, anticipating mainstream funeral notices for bitcoin before a secular uptrend resumes.
"The final leg down is already happening," the trader noted. "This is the flush that shakes out the last weak hands before the real move starts. When it's done, your timeline will be full of 'Bitcoin is dead' posts. That's the buy signal---not this."
FAQ
What price did bitcoin fall to on July 1?
Bitcoin fell to an intraday low of $57,735 on July 1, marking a new 2026 low, before recovering above $60,000.
How much did the crypto market cap increase after bitcoin's recovery?
The aggregate crypto market capitalization rose 2.4% to $2.15 trillion following bitcoin's rebound on July 1.
What does trader Noname predict for bitcoin's next move?
Trader Noname predicts a final flush that will shake out weak hands before a real move to $100,000 begins, stating "The final leg down is already happening."
