Bitcoin Tumbles Below $60k Amid Crypto Market Decline

Bitcoin plummeted below $60,000 this week, but rebounded to around $60,700 on Thursday after buyers intervened.

The token fell to about $59,200 late Wednesday before making a comeback, down 2.9% over 24 hours and 5.4% on the week, according to CoinDesk data.

Major cryptocurrencies broadly declined, with ether, XRP, solana, dogecoin, and HYPE all posting steeper weekly losses, while tron was the lone major token to gain.

Alex Kuptsikevich, chief market analyst at FxPro, attributed the break below $60,000 to continued outflows from U.S. spot bitcoin ETFs, a more hawkish Federal Reserve, and a stronger dollar.

Kuptsikevich also warned that bitcoin's approach to its 200-week moving average may signal a new crypto winter, noting that the last three times the token sank to that line, the weakness was prolonged rather than brief.