The crypto market caught a breather on Thursday after weeks of pressure. Bitcoin held above $60,000 following a roughly 2% recovery the day before, but the underlying mood stayed cautious, with the largest cryptocurrency still trading well below its key moving averages and the broader trend pointing lower. The sharper action showed up in a handful of altcoins, where Jupiter and Morpho led the charge and gave the market some support.
Bitcoin battles to hold the $60,000 line
On the charts, BTC continues to consolidate. The June 25 low at $58,115 is acting as the firmest support floor, while price keeps running into headwinds above $60,000. Analysts note that a decisive follow-through on Thursday could stretch the recovery toward the round $65,000 figure.
The near-term bias, however, is still soft. Spot price is trading well below both the 50-day EMA at $66,146 and the 200-day EMA near $75,948, a sign of the broader bearish pressure. On the other side, the MACD has climbed above its signal line after a brief pause, hinting at renewed buying interest. Yet with the RSI sitting near 38, momentum still looks weak and only mildly recovering.
To the downside, immediate demand is clustered around the horizontal support zone near $60,000, followed by the $58,115 support floor, where buyers may try to slow any fresh decline.
The latest live market read
According to live data, Bitcoin is currently at $60,942, up 4.07% from its previous close of $58,559. Its 52-week range runs from $58,076 to $116,273, and trading volume came in at 1.39 times the 20-day average. Among live indicators, the RSI(14) reads 41, while the MACD at -2197.95 shows a mildly positive tilt against its signal line at -2295.25. With the EMA20 at $62,236, EMA50 at $66,367 and EMA200 at $77,417, price is clearly in a long-term downtrend, with a death cross in place.
On the large-transaction front, one whale alert flagged 1,777 BTC, worth about $106,927,351, moving from one unknown wallet to another. In derivatives and ETF data, 24-hour volume stood at $192,978,258,309, down 2.14% over the day; open interest was $111,606,634,618, down 4.38%; and 24-hour liquidations totaled $418,843,534. The long-short ratio sat at 49.52% versus 50.48%, while net inflow was recorded at $54.00 billion.
Jupiter keeps up the pace
Jupiter extended its gains on Thursday, coming right after a 10% surge the previous day. Its near-term bias has turned bullish, with price now sitting above both the 50-day and 200-day EMAs, which cluster around $0.1991 and $0.2199 respectively.
JUP is testing a reclaimed downward resistance trendline at $0.2377, pointing to a possible shift into a more constructive phase. That resistance trendline lines up close to the 78.6% Fibonacci retracement level at $0.2406, measured over the downswing from $0.2766 to $0.1444. With the RSI near 64 and a positive, mildly rising MACD line above zero, upside momentum appears to still be in play.
Looking down, the first support shows up at the trendline pivot around $0.2377, then the 200-day EMA at $0.2199, and deeper still the 50% retracement level at $0.1998, near the 50-day EMA at $0.1991. Network data shows Jupiter's monthly revenue and fees spiked in June to a three-month high. It had also climbed 6% on Wednesday, pushing above its 200-day EMA at $0.2192.
Morpho stages a 35% recovery
Morpho has put together a clear recovery of more than 35% from last week, bouncing off its 200-day EMA at $1.64. At the time of writing, MORPHO is up roughly 4% on Thursday, extending the 9% gain it logged the day before.
The recovery run is now closing in on an overhead barrier near $2.24, a level that capped two earlier bullish attempts. If MORPHO clears it, the uptrend could go on to test an ascending resistance trendline near $2.56. The MACD and its signal line are recovering, and expanding positive histograms suggest buying pressure is returning, while the RSI at 65 confirms renewed buying strength, though conditions risk edging toward overbought. On the downside, immediate support sits at the 50-day EMA near $1.89, with extra protection from the prior upward support trendline around $1.6046.
Pi and the geopolitical backdrop
PI held steady around $0.1150 on Wednesday, stabilizing after three straight days of losses of roughly 10%. Pi remains under pressure, with more than 76 million tokens scheduled to unlock in June, which could accelerate the bearish trend.
Bitcoin had stabilized around $59,000 after slipping to a 21-month low of $57,800 on Wednesday. Geopolitical uncertainty stayed elevated after Iran ruled out talks with US envoys, clouding the prospects for a peace agreement and keeping risk sentiment fragile. Over the past week, Bitcoin has stayed under pressure, shedding more than 5% as traders weigh mixed signals coming out of the Middle East conflict.
