The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
Amidst a violent sell-off sweeping global markets, Bitcoin faced intense pressure that pushed it to the brink of the $60,000 level, caught in a massive $2.5 trillion liquidation wave. According to reports, this decline was fueled by a hotter-than-expected US jobs report that reignited inflation fears, alongside a panic in the AI sector that triggered a mass exodus from high-risk assets.
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Sign InThese movements deepen the wounds of the crypto market, which was already struggling with liquidity shifts toward the massive $75 billion SpaceX IPO. Compared to blue-chip performance, major tech firms saw sharp declines per market data, as selling pressure spread from semiconductors and AI sectors to encompass all digital asset classes, exacerbating record losses for short-term Bitcoin holders.
Looking ahead, traders are monitoring the psychological support level at $60,000 (close June 7, 2026) as a final barrier before testing lower grounds. With macro uncertainty persisting, the market awaits the upcoming weekly open and US inflation data, which will serve as the primary catalysts to determine whether the market will see a technical rebound or a continued downward spiral.
Update: On-chain data reveals that Bitcoin's underwater supply has crossed the 10 million BTC threshold, a metric historically associated with market cycle bottoms. Despite ongoing pressure, long-term holders have begun absorbing distressed supply, potentially establishing a structural floor amid the current liquidation wave.
Update: Elliott Wave analysts have warned that the recent price action may constitute a 'bear trap,' potentially signaling a C-Wave decline toward lower levels. Traders are now identifying $60,000 as a critical technical support level necessary to prevent further deterioration of the market structure.
Update: Historical data shows that current realized losses remain below the $211 billion threshold seen during the 2022 bear market. This quantitative gap supports analyst views that the market may face further downside before establishing a definitive cyclical bottom.
Update: Recent data shows that Bitcoin's realized losses have reached $176 billion, approximately $35 billion below the $211 billion total seen during the 2022 bear market. Consequently, technical projections suggest that the scale of the current price 'purging' remains below previous historical crisis levels, indicating that the absolute market bottom may not yet have been established.