#BTC下探60000美元关键关口 On June 25, 2026, the price of Bitcoin (BTC) fell below the key psychological level of $60,000, hitting a low of $59,023 and setting a new low since October 2024. This is the third time in 2026 that Bitcoin has lost the $60,000 integer level. At the same time, the total market capitalization of the crypto market also slipped back to around $2 trillion.

This dip is the combined result of a synchronized triple collapse across the macro backdrop, capital flows, and market confidence:
🔍 Macro “valuation squeeze”: Rate-hike expectations reverse, non-yielding assets under pressure
This is the most core driving force. The Federal Reserve’s June dot plot made a sharp turn; nearly half of FOMC members expect rate hikes in 2026, completely diverging from the rate-cut expectations the market had previously priced in. Chair Warsh reiterated “no rush to cut rates,” and the market quickly repriced the probabilities of 25-basis-point rate hikes in September and December, rising to 89%. The U.S. Dollar Index climbed above 101.8, reaching a new high in nearly 12 months, while the 10-year U.S. Treasury yield remained above 4.50%. As Bitcoin is a non-yielding asset, the opportunity cost of holding it has surged. In this downturn, it has not shown a “digital gold” safe-haven characteristic; instead, it has fallen in close sync with risk assets such as the Nasdaq.
💸 Capital “great retreat”: ETF records the largest outflows, institutions “vote with their feet”
A systemic outflow of capital has appeared. U.S. spot Bitcoin ETFs are experiencing the longest net outflow streak on record. They have continued with net outflows for 6–7 consecutive weeks, and net redemptions within 30 days have reached $6.35 billion, setting a historical record. Total assets under management fell from roughly $113 billion at the start of the year to about $77.5 billion. The Coinbase premium index has remained negative, indicating that U.S. investors’ buying demand is extremely weak.
🏦 Confidence “punching through the floor”: The biggest buyer comes under doubt, retail investors exit en masse
The loosening of the market’s biggest narrative comes from Strategy (formerly MicroStrategy). As the largest corporate buyer (holding about 847,000 BTC), it has recently purchased only 520 BTC (the smallest weekly purchase in 18 months), and its stock price has fallen to the lowest level since February 2024. The market has started questioning whether its “issue debt to buy BTC” flywheel model can be sustained. At the same time, many retail investors who entered at high levels are sitting in losses; they have little willingness to add positions, and their attention has shifted to AI concept stocks.
⚙️ Leverage “domino liquidation”: A liquidation wave intensifies the downward spiral
High leverage in the derivatives market has acted as a “multiplier” for the selloff. After a total of about $850 million in crypto long positions were forcibly liquidated, nearly 180,000 people in the crypto market liquidated over the past 24 hours, with the amount reaching $984 million. After the price broke through $60,000, sustained long liquidations were triggered around the $59,000 level; passive sell orders accelerated the decline. In addition, this Friday, about $10 billion worth of Bitcoin options quarterly expiry will further amplify market volatility.
📉 Technicals: Bears in control, key support broken
On the technical side, the moving-average system at the daily level is entirely arranged in a bearish configuration. $60,000 has flipped from strong support to strong resistance. For key price levels, the $61,400–$61,800 area above is strong near-term resistance. If $60,000 is confirmed to have been lost, then around $57,000 is the next dense on-chain liquidation zone; in extreme cases, the price could even dip into the $50,000–$55,000 range.
⏳ Short-term focus: Tonight’s PCE data could be the “decisive factor”
The market’s short-term focus is highly concentrated on tonight’s U.S. release (June 25): the May core PCE price index. If the data comes in above expectations, it will reinforce rate-hike expectations and could push BTC down to $57,000–$55,000. If the data cools, it may present an opportunity for an oversold rebound.
This round of decline is the concentrated release of four major negative factors: tighter macro liquidity, institutions pulling capital out, the loosening of the core narrative, and high-leverage liquidations. The $60,000 level—this key support over the past two years—is now precarious. The market is in a “market without buyers,” and tonight’s PCE data will decide whether it becomes the final straw that crushes the camel, or the lifeline for the bulls.