Bitcoin has fallen to its lowest price level in nearly two years, dipping below $59,000 before stabilizing around the $60,000 mark.
The sharp decline marks a significant psychological breakdown for the cryptocurrency, extending its drawdown from 2025 highs to approximately 52 percent.
The selloff is being driven by a confluence of headwinds, including a broad-based decline in technology stocks, forced liquidations of leveraged positions, and quarter-end portfolio rebalancing.
Market participants are also citing increased competition in the artificial intelligence sector as a factor weighing on risk appetite across digital assets.
This latest drop breaks through key support levels that had held during previous corrections.
The move underscores the continued correlation between crypto markets and broader equity risk sentiment, particularly in the technology sector.