Bitcoin Slides Below $60,000 to Lowest Point Since October 2024
Bitcoin extended its bear market slide, dropping under $60,000 as tech stocks retreated and crypto sentiment soured.
Bitcoin tumbled below $60,000 on Wednesday, touching its weakest price level since October 2024 as a broader selloff in technology stocks dragged the world's largest cryptocurrency deeper into bear market territory. The move marks a continued erosion of the gains that had propelled Bitcoin to record highs following last year's halving cycle and post-election euphoria.
The flagship digital asset is now eight months into a bear market, a prolonged downturn that has steadily unwound speculative positioning built up during 2024's rally. The correlation between Bitcoin and high-beta tech equities has remained stubbornly tight, meaning any risk-off rotation on Wall Street continues to weigh heavily on crypto prices.
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Analysts note that the breach of the $60,000 level carries psychological significance, as that threshold had previously acted as a key support zone during last year's bull run. A sustained close below it could invite further technical selling from traders who rely on chart-based signals to manage risk exposure.
The latest drop renews questions about whether crypto markets have fully absorbed the optimism that surrounded Bitcoin's post-halving narrative and institutional adoption push. Without a fresh catalyst — whether from Federal Reserve policy signals, renewed ETF inflows, or a stabilization in equities — traders appear reluctant to step in as buyers at current levels.
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