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

This decline is the resonance of a triple collapse in macro conditions, capital flows, and market confidence:
🔍 Macro "Valuation Squeeze": Rate Hike Expectations Reverse, Non-Yielding Assets Under Pressure
This is the most core driver. The Fed's June dot plot sharply shifted, with nearly half of FOMC members forecasting rate hikes in 2026, completely diverging from the market's previous bets on rate cuts. Chairman Warsh reiterated "no hurry to cut rates," and the market quickly priced in an 89% probability of 25-basis-point rate hikes in both September and December. The dollar index rose above 101.8, hitting a 12-month high, while the 10-year U.S. Treasury yield remained above 4.50%. As a non-interest-bearing asset, the opportunity cost of holding Bitcoin has surged. Moreover, in this downturn, Bitcoin has not demonstrated the safe-haven attribute of "digital gold" but has instead moved in sync with risk assets like the Nasdaq.
💸 Capital "Great Withdrawal": ETF Outflows at Record Highs, Institutions "Vote with Their Feet"
The capital side is experiencing systemic bleeding. U.S. spot Bitcoin ETFs have seen the longest streak of net outflows in history, with net outflows for 6-7 consecutive weeks. Net redemptions over 30 days reached a record $6.35 billion. Total assets under management have dropped 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 interest from U.S. investors.
🏦 Confidence "Shattered": Largest Buyer "Under Question," Retail Investors Flee
The biggest narrative shift 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. Its stock price has fallen to its lowest since February 2024. The market is beginning to question whether its "debt-to-buy-BTC" flywheel model is sustainable. Meanwhile, many retail investors who entered at high levels are underwater, with extremely low willingness to add positions, shifting their attention to AI concept stocks.
⚙️ Leverage "Cascading Liquidations": Liquidation Wave Amplifies the Downward Spiral
High leverage in the derivatives market has become an "amplifier" for the decline. After approximately $850 million in crypto long positions were liquidated, nearly 180k people in the crypto space were liquidated in the past 24 hours, amounting to $984 million. After the price broke below $60k, sustained long liquidations were triggered around $59k, with passive selling accelerating the decline. Additionally, the quarterly expiration of approximately $60k in Bitcoin options this Friday has also amplified market volatility.
📉 Technicals: Bears in Control, Key Support Broken
Technically, all moving averages on the daily chart are in a bearish alignment. The $60k level has shifted from strong support to strong resistance. On key price levels, the $61,400-$61,800 zone is short-term strong resistance. If $60k is confirmed lost, the next on-chain dense liquidation zone is around $57,000, and in extreme cases, it could even test the $50,000-$55,000 range.
⏳ Short-Term Focus: PCE Data Could Be the "Game Changer"
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 reinforce rate hike expectations, potentially driving BTC lower to $57,000-$55,000. If the data cools, it could offer a rebound opportunity from oversold conditions.
This decline is a concentrated release of four negative factors: tightening macro liquidity, institutional capital exodus, a weakening core narrative, and high-leverage liquidations. The $60,000 key support level, which has held for two years, is now precarious. The market is currently 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.