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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
Following weeks of price volatility, Bitcoin broke through the significant psychological and technical support level of $60,000, reaching its lowest price point since October 2024. According to reports, the decline was driven by major holders turning into sellers alongside sustained outflows from spot Bitcoin ETFs. Renewed fears of potential interest rate hikes further fueled the selling pressure, leading to the breach of support levels that had held firm for several months.
This downturn occurs as high-risk assets face broader pressure, with US-listed spot Bitcoin ETFs recording net outflows exceeding $100 million in recent sessions per Farside Investors data. Compared to the performance in Q1 2024, when the cryptocurrency hit record highs above $73,000, the current move reflects a shift in institutional sentiment as investors closely monitor the Federal Reserve's monetary policy path.
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Sign InMarket participants are now looking toward the next support levels, with BTC trading at $59,450 (as of close June 5, 2026). Traders should closely watch the upcoming economic calendar, specifically Fed Chair Powell's speech and Governor Waller's remarks, which may provide clues on interest rate trajectories. If downward momentum persists, the price could test lower support zones near the $52,000 levels seen in the third quarter of last year.