Full Breakdown
Bitcoin Slides Below $60,000, First Time Since 2024 Amid Broad Market Pullback
6/5/2026, 11:26:21 PM
Core Event: Price Break Below $60,000
On Friday, Bitcoin fell beneath the $60,000 psychological barrier, marking its lowest level since October 2024 (some reports cite early February or September 2024). Prices touched lows ranging from $59,743 to $59,870 before briefly rebounding above $60,000. The weekly decline measured 17-18 %, leaving Bitcoin more than 50 % below its October 2025 peak of roughly $126,000. The broader crypto market shed about $600 billion in value, shrinking from $2.7 trillion to $2.1 trillion, while Bitcoin’s share of total market capitalization remains near 58 %.
Background & Context: From Trump-Fueled Rally to Current Weakness
The cryptocurrency’s ascent earlier in the year was propelled by former President Donald Trump’s pro-crypto stance, which helped push Bitcoin above $120,000 in mid-2025 and briefly to $100,000 after the 2024 election. Legislative optimism and corporate treasury purchases, notably by Strategy Inc., amplified demand. Since the October 2025 high, demand has eroded as spot-bitcoin ETF inflows stalled, interest-rate-cut expectations faded, and geopolitical tensions resurfaced.
Key Figures & Groups
- Michael Saylor / Strategy Inc. – sold 32 BTC for about $2.5 million, its first disposal since December 2022.
- Charles-Henry Monchau, chief investment officer, Syz Group – highlighted forced selling and a “crowding-out” effect by AI-focused capital.
- Rajiv Sawhney, head of international portfolio management, Wave Digital Assets – noted the collapse of Bitcoin’s correlation with U.S. equities.
- Matt Cole, CEO, Strive – argued Bitcoin’s fundamentals remain strong.
- Michael Antonelli, market strategist, Baird – described AI as the new “hot investment” displacing crypto.
Data & Statistics
- Bitcoin price low: $59,743 – $59,870 (various sources).
- Weekly drop: 17 % (TipInsights) to 18 % (Forbes).
- All-time high: $126,186 (Oct 2025).
- Global crypto market loss: $600 billion; market cap now $2.1 trillion.
- Bitcoin accounts for ~58 % of crypto market value.
- Ethereum down 21 % (Forbes) to 12.8 % (Bloomberg).
- BNB down 10.5 %; XRP down 16.8 % (Forbes) to 5 % (Bloomberg); Solana down 21.5 % (Forbes); Dogecoin down 17.9 % (Forbes) to 5 % (Bloomberg).
Why It Matters
The slide underscores a shift in risk appetite: investors are reallocating capital from crypto-linked exchange-traded funds toward AI stocks and upcoming mega-IPOs. Legislative uncertainty surrounding the “Clarity Act” further dampens demand. The move also tests the durability of corporate Bitcoin treasuries, a model that previously buoyed the market.
Official Statements & Responses
Monchau attributed the decline to forced selling and a “crowding-out effect” from AI-focused capital. Sawhney observed that Bitcoin’s near-perfect correlation with the Nasdaq and S&P 500 a month ago has since collapsed. Antonelli emphasized that AI has supplanted crypto as the primary speculative theme. Cole maintained that Bitcoin’s fundamentals “have never been better,” while Bernuau described Strategy’s BTC sale as symbolically significant despite its modest size.
Criticism & Opposition
Analysts question the sustainability of corporate Bitcoin holdings, noting that Strategy’s sale may signal broader doubts about treasury-driven demand. Privacy-focused tokens such as Zcash and Monero have also suffered steep declines after security-flaw reports, highlighting vulnerabilities beyond Bitcoin.
Conflicting Reports & Gaps
Sources differ on the exact low price (ranging from $59,743 to $59,870) and the date of the previous sub-$60,000 level (October 2024, early February, or September 2024). No source provides definitive data on the volume of forced selling beyond Strategy’s disclosed 32-BTC transaction.
Verbatim Quotes
- “Speculators are going all-in on AI stocks and memory chips, especially in Korea, and the market also anticipates that upcoming monster IPOs will divert some retail money into the new stocks,” — Charles-Henry Monchau, chief investment officer, Syz Group
- “We saw the 30-day Pearson correlation between bitcoin and the Nasdaq and S&P 500 reach a near-perfect positive correlation as recently as a month ago, but that has collapsed over the last several weeks,” — Rajiv Sawhney, head of international portfolio management, Wave Digital Assets
- “For the longest time, crypto was this hot investment that Silicon Valley and the institutions were all obsessed with — and AI displaced it,” — Michael Antonelli, market strategist, Baird
- “ "This is the fifth time that bitcoin has been at its 200-week moving average — the previous four have all been the perfect time to buy the dip, and I think this time will age in the same manner," he added.” — Matt Cole, CEO, Strive
- “Emma Bernuau, a consultant at Eurosagency, told AFP that while the amount was minimal, the symbolic significance was considerable.” — Emma Bernuau, consultant, Eurosagency
What’s Next
Technical analysts point to $65,000 as the next resistance level; a sustained break could restore short-term bullish momentum. Meanwhile, policymakers continue debating the Clarity Act, and AI-related IPOs are slated for the coming months, potentially further diverting capital from crypto assets.
