Bitcoin fell below $60,000 for the first time in two weeks, but short-term traders see a relief rebound as possible toward around $70,000.

Cointelegraph, a blockchain media outlet, reported that bitcoin slipped below $60,000 around the time U.S. stocks opened on Tuesday.

The decline was seen as driven by a combination of recently accumulated bearish bets and rising funding rates. Markets warned that a capitulation-style sell-off could occur as short positions increased, and the price retreated to its lowest level in two weeks.

Some analysts, based on short-term charts, continued to anticipate a rebound attempt. Trader Killa said it was "when a rebound is about to begin" from a short-term low zone. In additional charts, he saw a relief bounce after the drop extending to around $70,000.

Another trader, RektProof, presented a similar outlook. He judged BTC/USD could move in a range with $60,000 as a floor until the end of this month. He then expected a broader move up to an area with selling supply before falling back to the lower end of a balance zone, followed by a move forming $70,000 and a lower high.

The macro environment did not provide clear momentum for a bitcoin rebound. There were expectations that a peace agreement between the United States and Iran could revive risk-asset appetite, but U.S. stocks appeared to have already priced in much of that. U.S. President Donald Trump wrote on Truth Social about the Strait of Hormuz shipping lane that there would be "no tolls, no insurance costs, and Iran will not impose any costs on ships."

But the stock market response was limited. The S&P 500 rose slightly, but the Nasdaq Composite turned weaker during the session. That was seen as limiting the upside across risk assets.

Against this backdrop, markets are also digesting other macro variables. Guidance from major companies and the planned release of the U.S. May personal consumption expenditures (PCE) price index were cited as factors that could restrain risk-asset sentiment. That means even if bitcoin rebounds in the short term, gains could be limited without support from macro indicators and the direction of tech shares.

Ultimately, market attention is focused on whether the $60,000 level will act as support through month-end and whether a rebound will actually lead to a retest of $70,000. In the short term, short positions built up during the decline could provide fuel for a rebound, but if the broader risk-asset mood does not recover, the upswing may still end with the formation of a lower high.

$BTC Shorts printing, even though got stopped out on the first attempt. Decent OI increase, no unwind of longs yet. https://t.co/nU6ZRNW4tk pic.twitter.com/80jqux2Tiq