Bitcoin Posts First Close Below $60,000 Since Q3 2024

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 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 formed a key price support area near $60,000 as leveraged traders' liquidation levels and spot buying converged. Market data showed more than $525 million in buy-side liquidity between $60,500 and $61,500, creating a critical demand zone where bullish and bearish forces are set to collide.

Bitcoin fell about 3% over the latest 24-hour period, briefly dropping below $61,000 before losing the $60,000 level. Traders are watching whether $530 million in demand can absorb the selling pressure. Some market participants expect a roughly 15% rebound from the lows if support holds, though the risk of leveraged liquidations remains high.

Bitcoin often moves in tandem with risk assets such as technology stocks. When chip shares sell off and investors turn more cautious in Asian equity markets, cryptocurrencies can also face deleveraging and risk-off selling. The latest decline reflects waning investor risk appetite, making Bitcoin's ability to hold the $62,000 level an important gauge of near-term market confidence.

During Asian trading on Tuesday, a selloff in chip stocks deepened for a second consecutive day, pushing Bitcoin below $62,000 to an 11-day low, its weakest level in nearly two weeks. Market analysts warned that Bitcoin could retest $54,000 if Asian technology stocks continue to fall and trigger further capital outflows. That would be about $8,000 below the $62,000 threshold, a decline of roughly 13%.

Bitcoin is known as a decentralized asset, but its recent trading has increasingly resembled that of a highly volatile technology stock. Its 30-day rolling correlation with the U.S. software ETF IGV rose to 0.73, while their volatility correlation reached a record 0.88. As investors sold technology giants including IBM, funds also flowed out of crypto, making the $63,000 support level a key gauge.

After U.S. stocks closed on Monday, bitcoin briefly fell to $63,465 early on Feb. 24, 2026, Taiwan time, before recovering to about $64,314. Ether touched a low of $1,813 and rebounded to $1,830. The Dow, S&P 500 and Nasdaq fell 1.66%, 1.04% and 1.13%, respectively, while IBM plunged 13%. The market remained in “extreme fear.”

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 is highly sensitive to interest rates and risk appetite. Conflict in the Middle East and the Strait of Hormuz crisis have driven up oil prices and inflation concerns, while rising U.S. Treasury yields have pushed capital toward safe-haven assets such as the dollar. The latest decline has also affected liquidity across the broader cryptocurrency market.

As of July 19, Bitcoin had fallen about 3% over 24 hours, dropping below $67,000 and touching a two-week low. The U.S. 10-year Treasury yield approached 4.5%, near a one-year high, while about $300 million in long positions were liquidated. Core Scientific separately sold $175 million worth of Bitcoin and plans to redirect the proceeds into AI data centers and high-performance computing operations.

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.