Bitcoin continued to battle between support and resistance near $60,000, failing to find a clear direction.

On June 29 (local time), blockchain outlet Cointelegraph reported that U.S. stocks rebounded on expectations of a peace deal with Iran, but bitcoin failed to follow and a slowdown in buying was confirmed again.

Early in the U.S. session, bitcoin tried to reclaim $60,000 but failed to gain momentum. Markets increasingly warned that the area could harden again as resistance. TradingView data also showed bitcoin fighting for control around $60,000, but its price action was weaker than the S&P 500 and the Nasdaq Composite.

U.S. stocks started the week higher. U.S. President Donald Trump said on Truth Social that Iran had requested talks and that a meeting would take place on June 30 in Doha, United Arab Emirates (UAE), feeding expectations of easing tensions in the Middle East. QCP Capital said that even if the two countries appear to have stepped back for now, the situation remains uncertain and a rebound in oil prices could weigh on the crypto market.

West Texas Intermediate (WTI) crude slipped below $68 a barrel last Friday to its lowest level since early March, but has since moved back above $70. QCP Capital said the U.S. market will be closed on Friday and the situation around the United States and Iran continues to change, meaning volatility could persist in thin liquidity as it did over the past weekend.

Short-term market participants remained on the sidelines. On lower time-frame charts, prices continued to swing without forming a one-way trend. Trader Dan Crypto Trades said prices kept wavering within the pre-June low range, with the area around $60,000 continuing to cap the upside, while below that a tail has emerged showing slightly higher lows.

On-chain indicators sent the same signal. Glassnode said in its latest report that buyers have not yet shown enough conviction to build a sustained recovery. As a result, it said bitcoin is staying in a range near recent lows. Glassnode said that as capital continues to decline and participants take a more defensive stance, an internal restructuring phase is continuing in the market.

Broader on-chain data also looked more balanced than before. Glassnode said holdings are shifting toward more speculative investors, leaving the possibility that price volatility could increase again. It added that while there are signs bitcoin is stabilising near $60,000, spot order flow, derivatives positioning and institutional demand are all defensive, and meaningful buying conviction must return for a sustained rebound to be possible.

That narrows short-term focus to whether bitcoin can reclaim $60,000, the path of oil prices and how risk-asset markets respond to news related to the United States and Iran. The market has entered a phase of checking whether bitcoin can attract its own buying momentum, separate from the stock rebound.