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.
