Bitcoin Slides to $60,000, Opening New $530 Million Demand Zone

Bitcoin, the world’s leading cryptocurrency, is widely viewed as a barometer for risk assets. A recent escalation in geopolitical conflict has pushed oil prices higher, while stress in Japan’s bond market and the prospect of selling by Strategy have heightened investor concerns about a renewed global regulatory crackdown. Together, these headwinds have put Bitcoin at risk of retesting a key psychological threshold. Whether that support holds will be an important signal for the broader digital asset market.

Geopolitical risks weighed on risk assets after former US President Donald Trump warned in mid-July that the United States would forcibly operate the blocked Strait of Hormuz. Bitcoin briefly fell below $62,000 on July 15 before testing support at $60,000. The latest data, however, showed signs that panic selling was stabilizing on July 16 as sellers’ profit margins fell to zero. The market is now watching closely to see whether Bitcoin can hold the $60,000 level.

Price swings in Bitcoin, the world’s largest cryptocurrency by market capitalization, have long served as a barometer for the digital asset market. Crypto investors often use high leverage to amplify their positions, and liquidations during Asian trading hours can trigger sharp short-term market moves. Understanding such events helps gauge market leverage and near-term speculative activity, drawing heightened attention whenever prices reach key round-number thresholds.

According to the latest data from crypto analytics platform CoinGlass, Bitcoin fell 1.4% on Monday, breaking below $63,000 and touching about $62,800. Analysts attributed the decline mainly to a routine leverage flush during Asian trading hours. CoinGlass data also showed that the liquidations were only one-sixth the size of the worst liquidation wave in the previous 30 days, indicating that overall selling pressure remained moderate.

Bitcoin held the $60,000 level in the third quarter of 2024, leading markets to regard it as important support. Technology shares across Asian markets have continued to fall recently, pressuring risk assets and increasing cryptocurrency volatility. A loss of this key support could weaken investor confidence and affect subsequent capital allocation.

The latest daily candle showed Bitcoin closing below $60,000 for the first time since September 2024, and it continued to hover beneath that level afterward. Markets are bracing for a pivotal week, with analysts saying the former $60,000 support zone is gradually turning into resistance as technology stocks enter a “deep bear market.”

Bitcoin came under renewed selling pressure after its 2024 cycle highs as crypto assets cooled alongside other high-risk markets. The $58,000 level was not only a more-than-two-year low but also a key threshold for assessing whether leveraged positions could face cascading liquidations. CoinGlass data showed short positions building rapidly, suggesting that although the downturn had not reversed, the risk of a sharp move in the opposite direction was rising.

During U.S. trading on Thursday, July 16, 2026, Bitcoin tumbled as much as 5% to $58,000, its lowest level since 2024, dragging down the broader crypto market. CoinGlass derivatives data and exchange order books showed that short positioning had become crowded. A rapid rebound could force short covering and amplify a short squeeze, though the downward trend remained intact.

Bitcoin came under pressure in early 2026 from liquidations of highly leveraged positions, net outflows from U.S. spot Bitcoin ETFs and selling by miners, with losses deepening in February. Crypto assets and riskier investments such as U.S. stocks have declined in tandem, pushing market sentiment into extreme fear. Analysts also view BTC as having entered a technical bear market.

Bitcoin fell below $63,000 in February 2026 and briefly traded near $62,500, marking its lowest level of the year, while a weekly rebound quickly faded. Spot cumulative volume delta showed intensifying selling pressure. Market analysts identified $60,000 as key support; a break below that level could send the cryptocurrency into the $56,000–$60,000 range in the short term.

Bitcoin has lost both the psychological $60,000 threshold and support at $58,000, signaling weakening demand from buyers. Technical analysts say breakdowns from both a rounded top and a bear flag suggest the market may be shifting from consolidation into a decline, with implications for risk appetite across the broader cryptocurrency market.

The latest wave of selling has erased Bitcoin's gains for June, with the drop to $58,000 confirming a technical breakdown. Market analysts expect the price could test $54,000 over the coming days. If that level also fails to hold, the decline could extend below $50,000.

Bitcoin's latest decline was triggered by an escalation in the war involving Iran, new U.S. government tariff policies and a stronger yen, with risk assets coming under pressure across the board. The cryptocurrency market has lost about $2 trillion in value, reflecting a marked retreat in capital and liquidity. The $60,000 level is both a technical support zone and a key psychological threshold, making it central to whether the selloff deepens.

Bitcoin recently fell below $65,025, initially triggering more than $430 million in long liquidations. As the price moved closer to $60,000, long liquidations swelled to more than $600 million. Crypto liquidations across the market exceeded $1.1 billion at one point over 24 hours, affecting nearly 200,000 traders. Traders had estimated a 53% chance that Bitcoin would fall below $66,000 by April 24, while the market also saw about $1 billion in put-option bets at the $60,000 level.

Bitcoin has been buffeted by the conflict between the United States and Iran and reports that the Strait of Hormuz could be closed. The waterway is critical to global oil shipments, and rising crude prices could fuel U.S. inflation and drain market liquidity. On the technical front, $70,000 has emerged as clear resistance, while $65,000 is a key area to watch for buying support.

The latest reports showed Bitcoin falling below $66,000 and nearing a three-week low after the United States and Iran launched a fresh round of attacks, extending its decline from $66,500 at the start of the episode. The April 3 market outlook focused on support at $65,000, but some price targets have been lowered to $41,000.

The 11 U.S.-listed spot Bitcoin ETFs have become an important gateway for institutional capital entering the crypto market, and their flows are also viewed as an indicator of price support. ETF redemptions, aggressive selling in spot and futures markets, and demand for options hedges are now rising in tandem, suggesting the correction may be more than a pullback after a rally.

Bitcoin fell about 6% from $82,000 to $76,800 and dropped below $77,000 again on May 22. SoSoValue data showed that the 11 ETFs had recorded more than $1.5 billion in outflows since May 7, including $648 million on May 18 alone. Glassnode said spot cumulative volume delta, or CVD, had fallen to negative $126.2 million, with key support at $74,000–$76,000.

Bitcoin has long been viewed by some investors as inflation-resistant “digital gold,” but its recent performance has more closely resembled that of a volatile risk asset. Its price has moved closely in line with software-stock benchmarks such as the iShares Expanded Tech-Software Sector ETF (IGV), suggesting that selling pressure in U.S. technology shares and private equity markets is spilling into cryptocurrencies.

During U.S. trading on Monday, July 13, Bitcoin briefly rebounded above $65,000, but the rally failed to hold. It retreated to about $65,400 as the broader stock market and software shares declined. Polymarket showed the probability of Bitcoin falling below $55,000 had risen to 72%, reflecting weakening confidence among holders and increased downside risk.