Bitcoin Loses the $60,000 Support Again
Late on June 25, Beijing time, Bitcoin's price fell below the $60,000 psychological level once more. This marks the third time since late 2024 that Bitcoin has slipped below this threshold. Data shows Bitcoin dropped about 4% in the past 24 hours, touching a low of $59,800. Market sentiment quickly turned bearish, with the Fear & Greed Index entering the 'fear' zone.
A market participant commented bluntly, 'Be honest, if you're still holding BTC, don't you want to cash out some to buy Micron?' This remark reflects the widespread anxiety among current holders. After consecutive declines, some investors are considering rotating capital into other assets, such as Micron Technology, which has shown strong recent performance.
20 Months of Waiting: From ATH to New Lows
Looking back, Bitcoin hit an all-time high of around $73,000 in October 2024. The market then entered a 20-month downtrend with diminishing peaks. Although there were several rebounds, each peak was lower than the previous one, culminating in this month's breach of $60,000.
For long-term holders, waiting 20 months only to see a 'new low' is undoubtedly disheartening. On-chain data show that many short-term holders are now underwater, while long-term holders remain cautious. Analysts note that whether Bitcoin can hold the support near $58,000 will be key for near-term price action.
Meanwhile, the macro environment is adding pressure. U.S. inflation data continues to exceed expectations, fueling expectations of further Fed rate hikes, which weighs on risk assets. Bitcoin's positive correlation with the Nasdaq has strengthened again, indicating it is still treated as a risk asset.
Interestingly, despite the price drop, the number of active addresses on the Bitcoin network has not decreased significantly, suggesting that some users are weathering the volatility. Some investors view the current price as a 'buying window,' but more are choosing to wait for signs of stabilization.
At press time, Bitcoin is trading around $60,100, with the 24-hour decline narrowing to 1.5%. The tug-of-war between bulls and bears continues, and whether Bitcoin can reclaim $60,000 remains to be seen.