Bitcoin Crashes to $60,922 as Worst Week Since 2022 Deepens

Bitcoin fell to $60,922 on June 6, down 4.2% daily and 14% over the past week. This marks the worst weekly performance since November 2022 and the worst year-to-date drop in at least a decade. Investors are abandoning crypto for AI stocks and upcoming megacap IPOs like SpaceX. The crash has wiped $62 billion from corporate treasury holders and triggered $1.72 billion in liquidations across crypto derivatives markets.

Record Holder Losses Drive Capitulation

Short-term Bitcoin holders are realizing losses at record levels, according on-chain analysts. Frank Fetter noted the short-term holder realized profit and loss ratio fell to an all-time low, marking the biggest short-term holder capitulation in Bitcoin history. Long-term holders also face pressure, with 5.3 million BTC now underwater, the highest since the COVID-19 crash in 2020.

Capital Rotation Away From Crypto

Bitcoin has lost one-third of its value in 2026, more at this point in the year than any time since at least 2015. Investors are shifting capital to booming AI stocks and upcoming IPOs, including SpaceX’s $75 billion offering priced at $135 per share on June 12. RBC BlueBay Asset Management noted how assets can struggle as they move from flavour of the month to suddenly out of fashion.

Strategy’s Bitcoin Sale Adds Pressure

MicroStrategy, the largest corporate Bitcoin holder, disclosed it sold Bitcoin for the first time since 2022. The company’s preferred stock (STRC) fell to $90.40 before recovering to $93.40. Strategy’s financing costs may rise to 11.75% dividend rate, adding about $26 million in annual costs on its $10.5 billion issuance.

Technical Breakdown Signals Further Risk

Meyka rates BTCUSD a C+ with a 12-month target of $97,867.61, suggesting 61% upside from current levels. However, technical indicators show extreme weakness: RSI at 18.92 (oversold), MACD deeply negative, and the stock trades below its 200-day moving average at $78,932.84. Ether approaches critical support at $1,420, which if broken would open the door to 2022 bear market levels below $900.

Final Thoughts

Bitcoin’s 14% weekly crash reflects a structural shift away from crypto toward AI and IPOs. With Meyka rating BTCUSD a C+ and technical indicators deeply oversold, the risk-reward remains uncertain despite the long-term price target suggesting upside.

FAQs

Disclaimer:

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.