Bitcoin Cracks $60,000, Sinking to Lowest Level Since October 2024

Why It Matters

The plunge erodes crypto market confidence and tests Bitcoin’s role as a hedge, while the price level may set the stage for a strategic buying opportunity.

Key Takeaways

• Bitcoin fell to $60,000, 50% below its $126k peak.
• Weekly decline exceeds 17% after stronger May jobs report.
• Strategy’s small Bitcoin sale triggered hundreds of millions in liquidations.
• Bitcoin’s 200‑week moving average hit for fifth time, seen as buying signal.

Pulse Analysis

The plunge of Bitcoin to $60,000 on June 5 marks its lowest level since October 2024 and a 50 % slide from the September 2025 all‑time high of $126,000. The drop was amplified by a stronger‑than‑expected May jobs report that pushed U.S. Treasury yields higher, draining risk appetite from crypto and other high‑beta assets. A 5 % single‑day fall erased more than $1 trillion of market value, leaving the digital‑currency market on track for a 17 % weekly loss.

Beyond macro data, market dynamics intensified the sell‑off. Crypto‑treasury firm Strategy disclosed a modest Bitcoin liquidation, which sparked hundreds of millions of dollars in margin calls and forced a cascade of forced sales. The episode also highlighted the waning relevance of the long‑awaited Clarity Act, as congressional focus drifts toward other priorities, leaving regulatory certainty in limbo. Correlation metrics illustrate a shifting relationship: Bitcoin’s 30‑day Pearson correlation with the Nasdaq and S&P 500, once near‑perfect, has now collapsed, underscoring its decoupling from equity rallies.

Despite the turbulence, some analysts view the dip as a buying opportunity. The price now sits at the 200‑week moving average for the fifth time, a historical pattern that has preceded recoveries in four prior cycles. Proponents argue that Bitcoin’s fundamentals—network security, institutional adoption, and scarcity—remain intact, and that the current undervaluation could attract capital once macro pressures ease. However, investors must weigh lingering geopolitical risks, potential regulatory headwinds, and the broader market’s appetite for speculative assets before committing.