#BTC下探60000美元关键关口 #BTC下探60000美元关键关口 On June 25, 2026, Bitcoin (BTC) price broke below the key psychological level of $60k, hitting a low of $59,023, setting a new low since October 2024. This marks the third time Bitcoin has lost the $60k integer level since 2026. The total market cap of the crypto market simultaneously fell to around $2 trillion.

This downturn is the result of a triple collapse in macro conditions, capital flows, and market confidence:
🔍 Macro "Valuation Compression": Rate Hike Expectations Reverse, Non-Yielding Assets Under Pressure
This is the core driving force. The Fed's June dot plot made a sharp pivot, with nearly half of FOMC members predicting rate hikes in 2026, completely diverging from the market's previous bets on rate cuts. Chair Warsh reiterated that there is "no rush to cut rates," and the market quickly priced in an 89% probability of two 25-basis-point rate hikes in September and December. The US Dollar Index rose to 101.8, hitting an 11-month high, while the 10-year Treasury yield remained above 4.50%. As a non-yielding asset, Bitcoin's opportunity cost of holding has surged. Moreover, this decline has not seen Bitcoin exhibit the hedge attributes of a "digital gold"; instead, it has been highly correlated with risk assets like the Nasdaq, falling in tandem.
💸 Capital "Great Exodus": Record ETF Outflows, Institutions "Vote with Their Feet"
Systemic bleeding is occurring on the capital front. US spot Bitcoin ETFs are experiencing their longest-ever period of net outflows, with net redemptions lasting 6-7 consecutive weeks. Net redemptions over the past 30 days reached a record $6.35 billion. Total AUM has fallen from approximately $113 billion at the start of the year to around $77.5 billion. The Coinbase premium index has remained negative, indicating extremely weak buying demand from US investors.
🏦 Confidence "Shattered": Largest Buyer "Questioned," Retail Investors Flee En Masse
The loosening of the market's biggest narrative comes from Strategy (formerly MicroStrategy). As the largest corporate holder (holding approximately 847k BTC), it recently purchased only 520 BTC (its smallest weekly purchase in 18 months), and its stock price has fallen to its lowest since February 2024. The market has begun to question whether its "issuing debt to buy coins" flywheel model is sustainable. Meanwhile, a large number of retail investors who entered at highs are in loss positions, with very low willingness to add to positions, as their attention shifts to AI concept stocks.
⚙️ Leverage "Cascading Liquidations": Liquidation Wave Intensifies the Downward Spiral
High leverage in the derivatives market has become an "amplifier" for the decline. After a total of approximately $850 million in crypto long positions were forcibly liquidated, nearly 180k people in the crypto circle were liquidated in the past 24 hours, amounting to $984 million. After the price broke below 60k, sustained long liquidations near 59k were triggered, with passive selling accelerating the decline. Additionally, the quarterly expiration of approximately $10 billion in Bitcoin options this Friday also amplified market volatility.
📉 Technical Analysis: Bears in Control, Key Support Broken
Technically, all daily moving averages are in a bearish alignment. The $60k level has shifted from strong support to strong resistance. For key price levels, the $61,400-$61,800 area is short-term strong resistance to the upside; on the downside, if $60k is confirmed as lost, the $57,000 area is the next on-chain dense liquidation zone, and in extreme cases, it could even test the $50,000-$55,000 range.
⏳ Short-Term Focus: PCE Data Could Be the "Deciding Factor"
The market's short-term focus is heavily concentrated on tonight's (June 25) release of the US core PCE price index for May. If the data exceeds expectations, it will strengthen rate hike expectations and could push BTC lower to $57,000-$55,000; if the data cools, it could bring opportunities for an oversold bounce.
This downturn is the concentrated release of four negative factors: tightening macro liquidity, withdrawal of institutional funds, loosening of the core narrative, and high-leverage liquidations. The $60,000 key support level, held for two years, is now precarious. The market is in a "market without buyers." Tonight's PCE data will determine whether it is the last straw that breaks the camel's back or a lifeline for the bulls.