SpaceX Rout Sparks Bitcoin Sell-Off as $60K Support Tested

Bitcoin has fallen back toward $60,000 after dropping over 8% from its June peak near $67,255. The decline is linked to a sharp sell-off in the technology complex tied to SpaceX, with shares plummeting nearly 27% since their post-IPO high of $211.39 on June 16.

The rout has erased more than $600 billion in market value and tightened risk appetite for speculative assets, including crypto. This is a key driver behind Bitcoin's slide toward the $60,000 mark, which analysts believe could be a 'line in the sand' for near-term direction.

A breakdown below $60,000 could increase the odds of a move toward the $56,000 area, according to technical analysis. This setup is based on a potential head-and-shoulders pattern on Bitcoin's four-hour chart, with the neckline placed around the $61,000, $62,000 region.