#BTC下探60000美元关键关口 On June 25th, BTC fell below 60k: A quadruple layer of negative factors, is the storm just beginning?

Early this morning, BTC briefly broke below $59,100. To be honest, this is not unexpected. Many people now want to ask: Can we buy the dip?
The answer is straightforward: It is not suitable for heavy position all-in, but for BTC below 60k, you can consider building a 10%-15% spot position in batches.
Major exchanges frequently list US stock products, which will drain liquidity from altcoins. So do not touch small-cap altcoins casually; assets like BTC, ETH, and BNB are more suitable for long-term observation.
1. Why did Bitcoin break below 60k?
This time it is not just panic, but a structural accumulation of negative factors.
First, retail buying is absent. In the past, during major drops, retail investors would rush in to buy the dip. But in this cycle, retail is largely absent. A large number of ETF investors who entered at high prices remain in loss, with low willingness to add positions, and new buying power is almost exhausted.
Second, funds are flowing to AI. Major US cloud computing vendors are expected to invest over $700 billion in AI infrastructure this year. Crypto assets and growth stocks share the same group of high-volatility investors. Once confidence declines, the entire risk asset basket gets cut.
Third, ETF funds continue to flow out. Bitcoin ETFs have already experienced net outflows of over $6 billion, and total ETF assets have significantly declined from their highs. Without institutional buying, the market naturally loses a strong layer of support.
Fourth, institutional signals disturb sentiment. Strategy, the largest corporate buyer, sold 32 BTC earlier this month. The amount is small, but the symbolic meaning is strong. Combined with the expiration of approximately $10 billion worth of BTC options this week, volatility is naturally amplified.
In addition, the macro environment is not helping. The Fed is hawkish, inflation pressures persist, and BTC has not shown safe-haven attributes, instead behaving more like a high-volatility risk asset.
2. Support and resistance levels for several coins
Levels are not predictions, but the places where bulls and bears are most likely to clash.
BTC: 59,000-60,000 is a key defense zone; further down, 58,500-59,000, and in extreme cases could return to the 50,000 area. Resistance at 61,500-62,000; standing firmly above 63,500-66,000 is needed to talk about structural improvement.
ETH: 1,616-1,603 is short-term defense, 1,547-1,505 is the mid-term core. Resistance at 1,645-1,660; returning above 1,680 is needed for short-term stabilization.
BNB: 550-547 is a key support zone; further down, 540-536. Resistance at 559-570; returning above 580 can improve momentum.
HYPE: 60 is the immediate trend support, 58 is a strong demand zone, 55 is the psychological level and moving average convergence. Resistance at 70 and 75.
3. Why has DYDX performed strongly in recent days?
The biggest positive is the upgraded buyback plan. The dYdX community approved a proposal to use 75% of protocol revenue to buy back DYDX tokens, previously only 25%. This means the buying pressure in the market has tripled directly. Token unlock is slowing. 85% of tokens have been unlocked, and new emissions have been reduced by 50% since June, lowering supply-side pressure. Trading data is also impressive. dYdX Chain's cumulative trading volume exceeded $1.5 trillion, Surge Season 3 issues $2 million in rewards monthly, and activity is still growing. The US market imagination has opened up. dYdX plans to officially launch in the US this year, coupled with bridge migration, trading pair expansion, market maker fee adjustments, and foundation funding, the fundamentals are indeed improving.
4. Ten core financial market news globally recently
In mid-to-late June, pressure on risk assets is not limited to the crypto space.
1. The Fed kept rates unchanged at 3.5%-3.75% in June, with a hawkish dot plot.
2. South Korea's KOSPI index plunged triggering circuit breakers, with AI and memory chip sectors under pressure.
3. The Philadelphia Semiconductor Index fell sharply in a single day, with SanDisk, Micron, and other memory stocks plunging.
4. US spot BTC ETFs saw consecutive net redemptions, with institutions reducing crypto positions.
5. Central banks in the UK, Canada, Australia, etc., continued to maintain high interest rates, cooling rate cut expectations.
6. Goldman Sachs lowered its year-end gold target price, with gold ETFs continuing to outflow.
7. The Shanghai Stock Exchange released "Quality Improvement and Efficiency Enhancement 2.0" to stabilize long-term capital expectations in A-shares.
8. Wall Street macro investors warn of AI sector bubble, with increased risk of a Q3 correction.
9. Progress in US-Iran peace talks eased concerns about crude oil supply, with Brent crude oil retreating.
10. dYdX officially announced the launch of US spot crypto trading business by year-end, with compliance progress attracting attention.
5. US stocks, A-shares, gold trends
On the same day, assets diverged but risk appetite weakened overall.
US stocks: The three major indexes diverged, with the Dow up 0.36%, the Nasdaq down 0.43%, and the S&P 500 down 0.09%. Tech stocks continued to be under pressure, with AI valuation and capex concerns still fermenting. However, the plunge in crude oil boosted airline and travel stocks, allowing the Dow to close in the green against the trend.
A-shares: On Wednesday, they first fell and then rose, with the Shanghai Composite up 0.11%, the ChiNext up 1.41%, and the STAR 50 surging 3.82%. Turnover was 3.3 trillion yuan, with the technology theme still strong, but individual stocks fell more than rose, showing severe divergence.
Gold: Spot gold fell below the $4,000 mark, closing down 2.7%. A strong dollar, hawkish Fed, and rising rate cut expectations created triple pressure, with silver falling even more.
6. Why did SanDisk crash?
It was not a sudden fundamental collapse, but a revaluation of high-tech stocks. SanDisk (SNDK) fell 13.7% in a single day. It wasn't alone; the entire memory sector crashed:
Micron, Western Digital, Seagate all came under pressure, and the Philadelphia Semiconductor Index tumbled.
First, too much of a rally. Even after the pullback, SanDisk's year-to-date gains for 2026 were still extremely exaggerated, and Micron also had a large accumulation of profits. Once the wind blows, a stampede is inevitable.
Second, the market is re-evaluating AI storage valuations. AI servers do increase storage demand, but the positive news has been fully priced in. Expectations were too high, so marginal changes trigger sharp adjustments.
Third, Broadcom's earnings guidance became the trigger. High-tech stocks saw collective profit-taking, and put option positions and insider selling amplified the decline.
This is not a single negative factor but a general repricing of risk assets. BTC can be watched for phased spot buying, but do not treat left-side entry as a reversal confirmation; especially for altcoins, keep positions light.