Bitcoin Slips Below $60,000 for First Time Since October 2024

Bitcoin tumbled below the $60,000 mark on Friday, June 5, hitting levels not seen since before Donald Trump's reelection victory sent the cryptocurrency soaring.

The world's largest digital asset dropped as low as $59,101 to $59,840 during New York trading hours, capping a punishing stretch that erased much of the post-election momentum.

The move comes after Bitcoin had climbed past $100,000 in late 2024 and reached an all-time high above $126,000 in October 2025.

From that peak, the price has now fallen more than 50%.

By Friday afternoon, it had clawed back somewhat, trading around $61,000, but the damage from the week's losses (around 18 to 20%) left holders reeling.

Trading volume surged as leveraged positions unwound. Data showed over $1.5 billion in cryptocurrency liquidations across the market in a single day, with Bitcoin bearing the brunt. Spot Bitcoin ETFs recorded sustained outflows, including a streak of redemptions that drained billions in recent weeks.

Several factors converged to drive the decline:

• A stronger-than-expected U.S. jobs report raised questions about the timing of Federal Reserve rate cuts, pushing investors toward safer assets.
• Ongoing geopolitical tensions, including U.S.-Iran conflict ripples that stoked inflation worries, added pressure.

Corporate moves also weighed on sentiment: MicroStrategy, long known for its heavy Bitcoin holdings, sold a small amount of BTC for the first time in years to cover obligations, a rare step that rattled confidence.

The drop marks a sharp reversal from the crypto-friendly tailwinds that followed Trump's return to the White House.

What began as a rally on regulatory optimism and institutional interest has given way to a broader reassessment as macroeconomic realities bite.

The $60,000 threshold had served as notable support in prior cycles. Its breach triggered stop-loss orders and forced selling, accelerating the slide.

Some charts point to potential further tests around $53,000 if selling persists, while others note oversold conditions and historical patterns in which Bitcoin rebounded from steep drawdowns.

Broader crypto markets followed Bitcoin lower. Ethereum and other major tokens posted similar percentage losses, with total market capitalization shedding hundreds of billions over the week.

As of Saturday, Bitcoin hovered near $61,000. Volatility remains high, and the coming days will test whether buyers step in at these lower levels or if the correction runs deeper.

For now, the asset that once captured Wall Street's imagination finds itself back in territory many thought it had left behind for good.