Bitcoin Price Plunges Below $60,000 Amid Market Caution

Bitcoin's price plummeted to below $60,000 on June 09, marking its worst weekly performance since the FTX collapse in 2022. The cryptocurrency saw a 16% drop over the past week, with many analysts and investors sounding alarms.

The sell-off was exacerbated by Strategy Inc., owned by Michael Saylor, liquidating a portion of its Bitcoin holdings. This move contradicts its earlier stance of never selling, leading to a breach of Bitcoin's critical 200-week moving average.

The current crypto winter has prompted experts to warn that the worst may not yet be over, with higher borrowing costs potentially diverting funds from speculative assets like Bitcoin. Approximately $5.5 billion was withdrawn from U.S.-listed Bitcoin ETFs over 13 consecutive trading days, indicating a bearish sentiment surrounding Bitcoin.