Bitcoin has formed a double bottom at $59K
Market overview
The crypto market has fallen 1.4% over the past 24 hours, retreating to $2.12T as it continues its gradual return to the lows seen at the start of June. Notably, this time, cryptocurrencies were in no hurry to rebound alongside the stock market, preferring to wait for a more confident recovery to take shape. Over the past 24 hours, the top gainers were Aave (+14.2%), Internet Computer (+3.6%) and Gram (formerly Toncoin, +2.9%). The biggest declines were SushiSwap (-7.7%), Theta Network (-7.5%) and IOTA (-5.7%).
Bitcoin re-tested its early-June lows, touching $59K at the low point of Wednesday’s sell-off. This was followed by a decisive rebound, fuelling the bulls’ hopes of a double bottom forming. Should the rebound continue, the nearest upside potential is $67K, mirroring the movement seen in the first half of the month. For now, however, we are sticking to the ‘boring scenario’ described earlier, involving several weeks of consolidation near the 200-week moving average. This is trending higher and currently sits near $62.2K, with a likelihood of reaching $68K by October.
News background
Strategy’s (STRC) preference shares have traded below their $100 par value for almost a month. Since the start of 2026, Strategy’s US-dollar cash reserves have fallen by 38 per cent. Over the same period, annual dividend liabilities have risen almost fourfold to $1.2 billion. Any attempt to quickly replenish the reserves by selling BTC would ‘destroy’ the company’s shareholder value.
Activity on the Bitcoin network has reached its highest level in the past two years, according to Glassnode. The rise in transaction volume is atypical for bear market phases and was triggered by the Runes protocol, which allows fungible tokens to be issued and transferred directly on the BTC network.
Bitcoin can be a useful way to diversify an investment portfolio when its share of total assets does not exceed 1–2 per cent, according to BlackRock. The investment firm advises investors to approach this asset with caution.
The Ethereum Foundation (EF) has announced a major reorganisation, unveiled an updated governance structure, and moved into cost-cutting mode, reducing its budget by 40 per cent. A former EF coordinator recently stated that around $30 million per year is required to support the network’s core infrastructure.
MoneyGram, one of the largest money transfer operators, has become a validator on the Solana network. Joining the Solana ecosystem will enable MoneyGram to expand its range of financial services using blockchain technology.
Bitcoin has rebounded from $59K, suggesting a double bottom. The crypto market remains under pressure, but the potential for a rise to $67K persists.
Author
Alexander Kuptsikevich, a senior market analyst at FxPro, has been with the company since its foundation. From time to time, he gives commentaries on radio and television. He publishes in major economic and socio-political media.
