After closing June down about 20%, Bitcoin ($BTC) price opened July 1, 2026, at its lowest level in more than 21 months.
Bitcoin price fell to $57,950 earlier on Wednesday, the lowest level in 652 days. At press time, the flagship coin traded at approximately $58,620, down around 1% over the past 24 hours.
As such, $BTC’s market cap declined by roughly $15.1 billion over the past 24 hours to hover near $1.2 trillion at the time of reporting.
Why is Bitcoin price down today?
Bitcoin price opened July in bearish sentiment amid sustained selling pressure from U.S. spot $BTC ETFs (exchange-traded funds). Notably, BlackRock’s iShares Bitcoin Trust (IBIT) led the $BTC ETFs in significant outflows in June, as Finbold reported.
As such, U.S. $BTC ETFs recorded the highest monthly cash outflow since their inception, at about $4.51 billion in June, according to metrics from SoSoValue. The rising demand for AI stocks has been weighing down on Bitcoin and the wider crypto market, as Finbold explained.
$BTC price analysis
From a technical analysis standpoint, $BTC price has been retesting a monthly support level around $58,513, according to an update from analyst Killa.
As a result, this analyst highlighted that the worst-case scenario for $BTC’s price in the near future is a drop to $40,000 before the next crypto bull rally begins.
What’s next for the flagship crypto?
After a multi-month bear market, Bitcoin price could rebound from its current support level. Furthermore, Bitcoin whales have aggressively accumulated more than 270,000 $BTC over the past two weeks, as per data from CryptoQuant.
However, Peter Schiff, Chief Economist and Global Strategist at Europac, warned that the $58,000 support level must hold to avoid a capitulation below $50,000. As such, if the U.S. spot $BTC ETFs reverse their selling spree in July, a potential rebound could occur over the coming days.
