Bitcoin price: Bitcoin slipped below the crucial $60,000 mark this week, extending its recent losses as a broad sell-off in global technology stocks spilled over into cryptocurrencies. The world’s largest digital asset briefly fell to around $59,000—its lowest level in nearly 20 months—triggering fresh concerns over the health of the crypto market and prompting investors to reassess risk across asset classes.
The decline marked the first breach of the psychologically important $60,000 level in almost two years. During today’s session, Bitcoin fell as much as 3% to around $59,000, its weakest level since October 2024.
The latest correction has added to an already difficult year for digital assets. Bitcoin has fallen 32% in 2026, while Solana has plunged 47%, reflecting persistent weakness across the broader cryptocurrency market. Unlike previous cycles, crypto assets have failed to rebound even during periods when equities recovered, suggesting that their once-strong correlation with stocks has begun to weaken.
Market participants say the latest decline reflects a combination of macroeconomic concerns, risk aversion and profit booking rather than any deterioration in Bitcoin’s underlying fundamentals.
Tech selloff, rate fears drive crypto correction
The latest bout of selling in cryptocurrencies coincided with a sharp correction in global technology stocks, as investors reduced exposure to riskier assets amid expectations of tighter monetary policy in the United States.
Markets have become increasingly cautious after traders raised bets that the US Federal Reserve could continue increasing interest rates to combat persistent inflation. Higher borrowing costs typically reduce the appeal of speculative assets, prompting investors to rotate towards relatively safer investments.
Industry experts say the correction in cryptocurrencies has largely mirrored the broader deterioration in market sentiment. While digital assets have often traded in tandem with equities over recent years, analysts note that the relationship is beginning to show signs of weakening as retail participation in crypto declines.
Instead, many retail investors have shifted their attention towards the sharp volatility created by artificial intelligence-related stocks, reducing demand for cryptocurrencies even during periods when equity markets have stabilised.
Bitcoin Outlook
Despite the recent sell-off, analysts believe the current weakness is being driven primarily by macroeconomic factors rather than structural problems within the crypto ecosystem. They expect volatility to remain elevated in the near term as investors await fresh economic data and clarity on the Federal Reserve’s interest-rate trajectory.
Akshat Siddhant, Lead Quant Analyst at Mudrex, believes the market remains vulnerable to further volatility as macroeconomic headwinds and derivatives-related events continue to influence investor sentiment.
“Bitcoin fell to 21-month lows as the US PCE inflation came in at three-year highs, triggering a fresh sell off despite BTC’s recovery towards $61,000. The sharp decline led to nearly $600 million in crypto liquidations within an hour, accelerating downside momentum. Markets are also preparing for a $10 billion options expiry, which could increase short-term volatility.”
Siddhant noted that while spot Bitcoin exchange-traded funds (ETFs) continue to witness outflows, the pace of selling has moderated significantly—from around 4,400 BTC per day to nearly 625 BTC—indicating that selling pressure may gradually be easing. However, he cautioned that the market still lacks a strong positive catalyst. According to him, $56,000 remains the key support level for Bitcoin, and a sustained break below that level could result in another leg lower for the cryptocurrency.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
