Bitcoin has broken through a critical psychological support level, slipping below the $60,000 threshold for the first time since October 2024.
The digital asset is currently trading at its lowest price point in nearly two years, marking a significant deterioration in market sentiment for the leading cryptocurrency.
This breakdown is notable because the $60,000 level had served as a key floor for the asset over the past two years.
The sharp decline underscores a broad repricing of risk in the crypto sector.
After dipping below $59,000 earlier in the session, the asset has stabilized around the $60,000 mark, but the breach of this long-held support level suggests that buying interest has weakened considerably.
The move represents a drawdown of more than 50% from Bitcoin’s all-time high, erasing substantial value for investors who entered the market during previous rallies.
This breakdown is notable because the $60,000 level had served as a key floor for the asset over the past two years.