Bitcoin has retreated below the $60,000 threshold, trading at $59,934 as broader market sentiment cools amid renewed concerns over US inflation.
The leading cryptocurrency fell 2.66% in the session, dragging the total crypto market capitalization down to $2.06 trillion.
The move marks a continuation of recent pressure, with the asset briefly dipping to $59,023 in New York trading earlier in the week.
The move marks a continuation of recent pressure, with the asset briefly dipping to $59,023 in New York trading earlier in the week.
The decline reflects a broader risk-off posture among investors.
Persistent outflows from spot Bitcoin exchange-traded funds have compounded the selling pressure, signaling that institutional demand is weakening.
The $59,000 level, established as a key floor on June 5, is now being tested for the second time in recent weeks, raising questions about the durability of the current support structure.