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

This decline is the result of a triple collapse in macro factors, capital flows, and market confidence:
🔍 Macro 'valuation kill': Interest rate hike expectations reverse, non-yielding assets under pressure
This is the core driving force. The Fed's June dot plot shifted dramatically, with nearly half of FOMC members predicting a rate hike in 2026, completely diverging from the market's previous expectation of rate cuts. Chairman Warsh reiterated 'no rush to cut rates,' and the market quickly priced in an 89% probability of 25bp rate hikes in both September and December. The Dollar Index rose to 101.8, a 12-month high, while the 10-year Treasury yield remained above 4.50%. As a non-yielding asset, the opportunity cost of holding Bitcoin has surged, and during this decline, it has not shown the safe-haven properties of 'digital gold' but instead has fallen in sync with risk assets like the Nasdaq.
💸 Capital 'Great Withdrawal': ETFs record outflows, institutions 'vote with their feet'
Systematic bleeding in capital flows. U.S. spot Bitcoin ETFs have experienced the longest net outflow period in history, with net outflows for 6-7 consecutive weeks. Net redemptions in 30 days reached a record $6.35 billion. Total AUM dropped from around $113 billion at the start of the year to about $77.5 billion. The Coinbase premium index remains negative, indicating extremely weak buying interest from U.S. investors.
🏦 Confidence 'shattered': The largest buyer 'under question,' retail investors exit en masse
The biggest narrative loosening comes from Strategy (formerly MicroStrategy). As the largest corporate buyer (holding about 847k BTC), it recently purchased only 520 BTC (the smallest weekly purchase in 18 months), and its stock price fell to its lowest since February 2024. The market has begun to question whether its 'debt-to-buy-bitcoin' flywheel model can be sustained. At the same time, a large number of retail investors who entered at high prices are in a loss position, with extremely low willingness to add positions, shifting their attention to AI concept stocks.
⚙️ Leverage 'chain reaction': Liquidation wave intensifies 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 space were liquidated in the past 24 hours, totaling $984 million. After the price broke through $60k, sustained long liquidations were triggered near $59k, with passive selling accelerating the decline. In addition, the quarterly expiration of approximately $10 billion in Bitcoin options this Friday also amplified market volatility.
📉 Technicals: Bears dominate, key support broken
Technically, the daily moving average system is all bearishly aligned. $60k has shifted from strong support to strong resistance. Key levels: the $61,400-$61,800 area above is short-term strong resistance; if $60k is confirmed lost, around $57,000 is the next on-chain dense liquidation zone, and in extreme cases, the price could even fall to the $50,000-$55,000 range.
⏳ Short-term focus: PCE data could be the 'deciding factor'
The market's short-term focus is highly concentrated on the U.S. May core PCE price index to be released tonight (June 25). If the data exceeds expectations, it will strengthen rate hike expectations and could push BTC down to $57,000-$55,000; if the data cools, it may bring a rebound opportunity after overselling.
This decline is a concentrated release of four negative factors: tightening macro liquidity, withdrawal of institutional funds, loosening core narrative, and high-leverage liquidation. The key support level of $60,000 over the past two years is now precarious. The market is in a 'market without buyers,' and tonight's PCE data will determine whether it is the last straw that breaks the camel's back or a lifeline for the bulls.