Bitcoin Crashes Below $60,000 as Sell-Off Deepens, June 06

Bitcoin fell below $60,000 on June 5, hitting its lowest level in 20 months and erasing all gains made since Donald Trump’s election victory in late 2024. The cryptocurrency dropped to $59,743 intraday before rebounding slightly to $60,782. This marks the worst week for Bitcoin since the FTX collapse in November 2022, with the asset down 18% for the week and 31% over six months.

What Triggered the Crash

Multiple pressures converged to push Bitcoin below the $60,000 mark. Strategy, a major Bitcoin holder, announced on June 1 that it sold 32 Bitcoin worth approximately $2.5 million during May 26-31. This was the company’s first sale since 2022 and signaled a shift in sentiment among institutional holders. The timing rattled markets already fragile from massive ETF outflows. In May alone, U.S. spot Bitcoin ETFs recorded net outflows of $2.43 billion. June has seen another $1.40 billion pulled from the funds in just the first few days.

Liquidations and Market Panic

The price collapse triggered a cascade of forced selling. Coinglass data shows 310,873 traders were liquidated in the past 24 hours for $1.56 billion. Short-term Bitcoin holders are realizing losses at record rates, with the short-term holder profit/loss ratio falling to an all-time low. Sentiment has swung from euphoria to extreme fear, a pattern that historically signals market bottoms but does not guarantee recovery. Analysts warn that if Bitcoin loses support near $59,750, another wave of panic selling could follow.

From Peak to Crash

Bitcoin reached an all-time high of $126,080 on October 6, 2025, just four days before a flash crash on October 10. Since then, prices have mostly moved sideways in a $65,000-$80,000 range. The latest drop erases the entire post-election rally that began after Trump’s victory in late 2024. Meyka’s technical indicators show extreme oversold conditions. The RSI stands at 18.92, well below the 30 oversold threshold, while the Stochastic oscillator sits at just 7.13, signaling severe selling pressure.

What Analysts Say About the Outlook

Economists cite geopolitical concerns such as the war in Iran as a headwind for risk assets. New advances in quantum computing have also put traditional crypto mining techniques at risk, according to Google. Some traders argue that Bitcoin has reached an attractive accumulation zone, citing record-low daily RSI readings and extreme bearish sentiment. However, analyst consensus points to rising rate-hike fears as a major headwind. Meyka rates Bitcoin a C+ with a HOLD suggestion. The 12-month price target stands at $97,867.61, implying 61% upside from current levels, though near-term volatility remains extreme.

Final Thoughts

Bitcoin’s break below $60,000 signals capitulation among retail and institutional holders. With Meyka’s 12-month target at $97,867.61 and oversold technical readings, the data suggests limited downside, but recovery depends on stabilizing ETF flows and macro conditions.

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The content shared by Meyka AI PTY LTD is solely for research and informational purposes.  Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.