Bitcoin Struggles to Defend $60,000 Level Amid Intensifying Selling Pressure

Bitcoin's price has been stuck near $60,000 as selling pressure intensifies. The cryptocurrency dropped more than 5% in 24 hours to around $59,360, extending a selloff driven by institutional outflows and heavy whale selling.

The decline marks a sharp reversal from Bitcoin's record high of $126,272 in October 2025, leaving the cryptocurrency down more than 50% from its peak. With risk appetite fading and expectations for higher U.S. interest rates returning, investors are closely watching whether the $60,000 level can hold as support.

U.S. spot Bitcoin ETFs have recorded net outflows for a seventh consecutive week, with investors pulling $1.79 billion last week, according to Bloomingbit. The streak comes after the SEC's approval of spot Bitcoin ETFs in January 2024 made fund flows one of the market's clearest indicators of institutional demand.

Large Bitcoin holders have added to the pressure, with TMGM estimating that whales sold roughly $1 billion worth of Bitcoin during one of the market's sharpest recent declines. Technical analysts continue to watch the $58,000-$60,000 range closely, as it coincides with Bitcoin's previous cycle peak and a key support level.

The decline has also been influenced by a broad selloff in technology stocks, particularly AI-related companies, as investors reassess valuations after years of strong gains. Expectations that the Federal Reserve could raise interest rates later this year have added another headwind, strengthening the U.S. dollar and reducing demand for speculative assets such as cryptocurrencies.