Bitcoin has fallen below the $60,000 threshold for the first time since October 2024, marking a significant psychological breach in the ongoing crypto downturn.
The leading cryptocurrency slid more than 4% on Wednesday, reinforcing fears of a prolonged decline among market participants.
The breach of the $60,000 support level is likely to trigger further technical selling and could test lower support zones in the coming sessions.
The sell-off is being driven by a strengthening US dollar, which is putting pressure on risk assets broadly.
Investors are also navigating uncertainty surrounding upcoming macroeconomic data, including expectations for the Personal Consumption Expenditures (PCE) price index, which often serves as a key gauge for Federal Reserve policy.
This move represents a notable deterioration from recent levels, where Bitcoin had been trading in the $62,000 range.
The breach of the $60,000 support level is likely to trigger further technical selling and could test lower support zones in the coming sessions.