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Tue, 21 Jul 2026
08:05:49 am
Tue, 21 Jul 2026
08:05:49 am
Rudransh Sangwan
Published at: June 6, 2026, 3:01 AM
Synopsis
Bitcoin crashes below $60,000 for the first time since 2024 as crypto markets face their worst weekly selloff since FTX. Read the complete Bitcoin price analysis, outlook, risks, and recovery potential.
Bitcoin plunged below the critical $60,000 level on June 5, 2026, for the first time since October 2024, triggering fresh concerns across the cryptocurrency market and intensifying one of the biggest digital asset selloffs in recent years. The world's largest cryptocurrency briefly dropped to $59,770 before recovering some losses, as investors reacted to a combination of macroeconomic uncertainty, rising interest-rate expectations, and growing selling pressure from major institutional holders.
The latest decline extends Bitcoin's brutal correction in 2026, with the cryptocurrency now down nearly one-third since the start of the year and approximately 40% below the levels seen when Donald Trump returned to the White House in January 2025. The sharp fall comes after months of heightened volatility across global financial markets, with cryptocurrencies facing pressure from rising Treasury yields, persistent inflation concerns, and a broad risk-off environment that has also weighed heavily on technology and AI-related stocks.
| Metric | Value |
|---|---|
| Bitcoin Price Low | $59,770 |
| Weekly Decline | ~15% |
| 2026 Performance | -33% |
| Decline From All-Time High | ~52% |
| Record High | ~$125,000 |
| Current Trend | Bearish |
The latest weekly decline is Bitcoin's worst performance since November 2022, when the collapse of FTX sent shockwaves through the cryptocurrency industry and erased billions of dollars in market value.
Several factors combined to push Bitcoin below one of its most important psychological support levels.
The immediate trigger came after stronger-than-expected US employment data reignited concerns that the Federal Reserve could raise interest rates later this year.
The US economy added 172,000 jobs in May, significantly above expectations, leading traders to price in a higher probability of additional monetary tightening.
Higher interest rates typically reduce investor appetite for risk assets such as cryptocurrencies because safer alternatives like government bonds become more attractive.
Global financial markets witnessed a sharp selloff on Friday.
The Nasdaq Composite fell nearly 3%, while major AI and semiconductor stocks including Nvidia, AMD, Intel, and Micron recorded significant losses.
As investors moved away from high-risk assets, cryptocurrencies became one of the biggest casualties.
Additional pressure emerged after Michael Saylor's Strategy, the world's largest corporate holder of Bitcoin, disclosed that it had sold part of its Bitcoin holdings for the first time since 2022.
Although the transaction represented only a small portion of its total holdings, the announcement created concerns among investors about whether large institutional holders may begin reducing exposure amid ongoing market weakness.
Bitcoin's drop below $60,000 triggered a wave of automated selling from traders and institutional algorithms.
Many market participants view major round-number levels as important psychological support zones.
Once Bitcoin broke below $60,000, stop-loss orders and technical selling accelerated the decline.
Bitcoin's current correction is particularly significant because it follows one of the strongest rallies in cryptocurrency history.
After Donald Trump's election victory and pro-crypto policy stance, Bitcoin surged dramatically throughout late 2024 and 2025.
| Period | Bitcoin Price |
|---|---|
| October 2024 | ~$60,000 |
| January 2025 | ~$100,000 |
| October 2025 Peak | ~$125,000 |
| June 2026 | Below $60,000 |
The rally was fueled by expectations of crypto-friendly regulation, increased institutional participation, Bitcoin ETF inflows, and growing adoption among corporations and asset managers.
However, the market environment has changed significantly in 2026 as inflation remains elevated and central banks maintain tighter monetary policies.
Bitcoin's decline has triggered heavy selling across the broader cryptocurrency market.
Major altcoins have also experienced substantial losses as traders reduce risk exposure.
The selloff highlights how sensitive cryptocurrencies remain to global macroeconomic conditions despite increasing mainstream adoption.
While the current decline is severe, analysts note important differences compared with the FTX collapse in 2022.
Unlike 2022, the current decline is primarily being driven by broader economic factors rather than structural failures within the cryptocurrency ecosystem.
| Level | Importance |
|---|---|
| $60,000 | Psychological Support |
| $58,000 | Immediate Support |
| $55,000 | Major Support |
| $50,000 | Long-Term Support |
| Level | Importance |
|---|---|
| $65,000 | Immediate Resistance |
| $70,000 | Major Resistance |
| $80,000 | Breakout Zone |
| $100,000 | Long-Term Target |
Market participants will closely watch whether Bitcoin can reclaim and hold above the $60,000 mark during the coming sessions.
Despite the current weakness, several potential catalysts could support a recovery later in 2026.
Bitcoin's fall below $60,000 represents a major psychological event for the cryptocurrency market. The decline reflects growing investor concerns about interest rates, liquidity conditions, and global economic uncertainty rather than a collapse in Bitcoin's long-term fundamentals.
Institutional adoption, ETF participation, and blockchain innovation remain significantly stronger than during previous bear markets. However, cryptocurrencies continue to behave like high-risk assets and remain highly sensitive to changes in monetary policy and investor sentiment.
In the near term, volatility is likely to remain elevated as traders assess whether Bitcoin can stabilize above key support levels or faces further downside pressure.
Bitcoin's drop below $60,000 marks one of the most significant developments in the cryptocurrency market this year. The world's largest digital asset is experiencing its worst weekly decline since the FTX collapse as investors react to stronger US economic data, rising Federal Reserve rate hike expectations, institutional selling activity, and broader weakness across global risk assets. While the long-term outlook for Bitcoin remains supported by institutional adoption and growing mainstream acceptance, the short-term direction will likely depend on interest rates, inflation trends, and overall market sentiment.
Bitcoin declined due to stronger US jobs data, rising interest-rate expectations, institutional selling pressure, and broad weakness across risk assets.
Bitcoin has lost approximately one-third of its value so far in 2026.
Yes, the current weekly decline of around 15% is the largest since the FTX collapse in November 2022.
Bitcoin reached an all-time high near $125,000 during its 2025 bull run.
Analysts believe recovery is possible if inflation eases, the Federal Reserve adopts a less hawkish stance, and institutional demand returns.
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