Bitcoin Price Sinks Below $60,000 as Market Continues to Struggle

Bitcoin has been in a deep downtrend since October 2025, and its price continues to fall. Despite some signs that the downtrend may be nearing an end, there are also precedents for further declines. In fact, Bitcoin momentarily dipped below $60,000 on June 5, its lowest point since October 2024.

At this time, roughly half of every Bitcoin in circulation is held at a loss, which has added to the market's sour mood toward crypto. The coin's price has dropped by about 49% from its October all-time high near $126,000.

Meanwhile, spot exchange-traded funds saw net capital outflows of $1.7 billion in the trading week ending June 5, the worst stretch for outflows since February 2025. Strategy, formerly known as MicroStrategy, has also made its first sale since 2022.