BTC drops below $60,000 as selloff deepens

TLDR

Bitcoin (BTC) has convincingly broken below $60,000 as a broad risk-off move and heavy liquidations hit crypto and tech markets.

1. BTC briefly traded around $59,700 to $59,800 on major exchanges, down about 1720% this week and more than 50% from its October 2025 peak.
2. The slide is driven by hotter U.S. jobs data and higher rate-hike odds, multi billion dollar ETF outflows, over $1.5 billion in leveraged liquidations, and sentiment damage from Strategys surprise BTC sale.
3. Traders are watching whether $60,000 holds, how ETF and derivatives flows evolve, and if deeply oversold readings near $50,000 to $55,000 ultimately mark a cycle bottom.

Deep Dive

1. How Big This Drop Is

Reports show BTC briefly fell below $60,000 on Binance and Coinbase, with lows around $59,750 to $59,800, its first break under that level since October 2024 and a weekly loss above 17%.Bitcoin falls below $60,000

Other coverage notes BTC is down nearly 20% just this week and over 52% from its all time high above $126,000 in October 2025, making this one of its worst weeks since mid 2024.Bitcoin loses $60,000

A single session drop near 46% erased about $200 billion from total crypto market value, with altcoins taking even larger percentage hits.Bitcoin Slides Below $60K

2. Why The Selloff Deepened

On the macro side, a stronger than expected U.S. jobs report reduced hopes for near term Fed rate cuts and increased the perceived chance of a hike later this year.Bitcoin price falls below $60,000 Higher yields and a firmer dollar pushed investors out of speculative assets, with the Nasdaq dropping more than 24% on the day.Bitcoin slid below $60,000

Crypto specific pressures amplified the move:

1. U.S. spot Bitcoin ETFs have seen a long streak of net outflows, with estimates ranging from about $5.8 billion over four weeks to more than $25 billion over a longer horizon, draining a key demand source.Bitcoin falls below $60,000
2. Strategy, the largest corporate BTC holder, disclosed a rare sale of 32 BTC, small in size but symbolically important, undermining the one way always buying narrative many investors assumed.Bitcoin Breaks Below $60K
3. Leverage washed out, with about $1.57 billion in crypto positions liquidated in 24 hours, including roughly $381 million of BTC longs, which accelerates downside as positions are force closed.Bitcoin Slides Below $60K

At the same time, flows are rotating toward AI related equities and away from crypto, so even modest selling meets thinner spot demand.Bitcoin loses $60,000

3. Key Levels And Signals To Watch

Technically, BTC has dropped below its 50, 100 and 200 day moving averages and some analyses put the daily RSI near 15, which is extremely oversold and historically associated with at least short term bounces.Bitcoin Crash Deepens

Several analysts flag the 60,000 to 62,000 region as first support, with a next major zone around 50,000 to 55,000 if selling persists, an area of prior consolidation earlier in the cycle.Bitcoin Crash Deepens Others note BTC is testing long term markers like the 200 week moving average and models that previously only flipped to undervalued during the 2022 bottom.Bitcoin nearing a bottom

Flows remain critical: a sustained return to ETF inflows, slowing liquidation volumes, and stabilization in tech stocks would all signal improving risk appetite, while continued outflows and high leverage liquidations would argue the downtrend is not finished.

Conclusion

Bitcoins break below $60,000 combines a macro shock, stressed leverage and a narrative hit from a key corporate seller, creating a sharp but explainable drawdown.

Whether this area becomes a durable base or a waypoint toward lower supports will largely depend on interest rate expectations, ETF demand and how quickly excessive leverage is cleared from the system.