Bitcoin Slumps Towards $60K Amid Tech Sell-Off Triggered by SpaceX IPO Rout

Bitcoin's price has fallen back towards $60,000 after dropping over 8% from its June peak near $67,255. This decline is being attributed to a renewed risk-off sentiment in the markets.

The technology complex tied to SpaceX appears to be a key driver of this sentiment. The post-IPO decline in SpaceX shares has erased more than $600 billion in market value and put pressure on speculative assets, including Bitcoin.

Traders are closely watching the $60,000 support area, as a clean break below this level could lead to another leg lower for the cryptocurrency. According to technical analysis, a breakdown below $60,000 could increase the odds of a move towards the $56,000 area.

A head-and-shoulders structure on the four-hour chart is also being cited as a potential bearish setup for Bitcoin. The neckline of this pattern is near $61,000-$62,000 and a decisive four-hour close below this level could confirm the bearish configuration.