Bitcoin Crashes Below $60K, Hits 20-Month Low Amid Selloff
Bitcoin wiped out its entire post-election rally as a broad market deleveraging drags crypto, gold, and oil lower together.
Bitcoin just broke through $60,000 and briefly traded below the June intraday low of $59,125 — a level not seen since September 2024. The entire Trump 2.0 rally is gone. Every crypto-friendly executive order, every policy win: erased. That's not noise. That's a flashing red signal for anyone still holding the bag.
This isn't a crypto-specific bleed. Today is a sell-everything session. Silver is getting wrecked worse than bitcoin, down 7.4%. Gold is off 3%. WTI crude is dropping 4%. Hot chip names are sliding. The US dollar is bid, and the only safe harbor is bonds, where yields are falling 6-9% on a straight flight to safety. Bitcoin is caught in the crossfire of a broad deleveraging wave, not leading it.
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Here's the harder truth: the fundamental story is cracking. The one remaining bullish catalyst — a US bitcoin strategic reserve — isn't going anywhere near Congress anytime soon. Meanwhile, the loudest voices calling for bitcoin at $1 million have burned their credibility. The 20-year-olds who once drove crypto's cool factor are rotating into AI plays, meme stocks, and options. Crypto is starting to feel institutional to the very crowd that made it dangerous and exciting.
Technically, the setup is ugly. A confirmed breakdown at current levels puts $50,000 squarely in the crosshairs. That target could get hit fast — especially if Micron's earnings disappoint later today and trigger another risk-off wave through the Nasdaq. Watch that reaction closely. Stablecoins may be thriving as businesses, but they're not going to save bitcoin's chart.
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