Bitcoin has retreated sharply, trading near $58,600 and touching an intraday low of $58,120, marking its weakest performance in 20 months.
The decline follows a sustained breach of the critical $60,000 psychological support level, which traders had previously viewed as a floor for the asset.
Market participants are now watching for signs of stabilization near the $58,000 level.
The sell-off in digital assets is increasingly mirroring pressure in traditional equity markets.
A broad-based downturn in global technology stocks has spilled over into crypto, eroding risk appetite among investors who often treat Bitcoin as a high-beta proxy for tech growth.
The correlation between the two asset classes has tightened as liquidity conditions remain tight and sentiment toward speculative assets cools.
Market participants are now watching for signs of stabilization near the $58,000 level.