Bitcoin Falls Below $61K as Tech Selloff Triggers Liquidations, June 06

Bitcoin fell to $60,968 on June 05, down 4.4% in a single day, marking its lowest level since late 2024. The crash came as the Nasdaq Composite tumbled 4.18% on a violent sell-off in semiconductor stocks. Stronger-than-expected U.S. jobs data drove Treasury yields higher, triggering forced liquidations across crypto and equity markets. For investors, this marks a critical test of support levels and a shift in market sentiment from risk-on to risk-off.

Why Bitcoin Crashed Below $60,000

Bitcoin fell below $60,000 for the first time since late 2024 as traders fled speculative assets. The Nasdaq Composite lost 4.18% to 25,709.43, its worst day since April 2025, after Broadcom failed to raise its AI chip outlook. A spike in Treasury yields following stronger-than-expected May jobs data accelerated the selling. Bitcoin’s $2,603 decline reflects broader liquidation-driven selling rather than fundamental weakness in crypto itself.

Oversold Technicals Signal Potential Bounce

Meyka’s technical analysis shows Bitcoin is deeply oversold. The RSI sits at 18.92, well below the 30 oversold threshold, while the Stochastic oscillator reads 7.13, indicating extreme weakness. The CCI at -162.85 and Money Flow Index at 15.93 confirm panic selling. However, oversold conditions do not guarantee an immediate rebound. Bitcoin’s 50-day moving average stands at $76,663, meaning the asset has fallen 20% below its recent trend.

Market Sentiment Deteriorates Across Crypto

The selloff extended beyond Bitcoin. XRP fell from $1.17 to $1.11 on forced liquidations, touching lows near $1.09. The broader crypto market entered extreme fear territory as traders reacted to macro uncertainty. Bitcoin’s crash revealed how tightly correlated digital assets have become with equity volatility. Investors who held Bitcoin as a hedge against traditional market weakness faced losses on both fronts.

What Meyka’s Data Shows for the Outlook

Meyka rates Bitcoin a C+ with a HOLD suggestion. The 12-month price target is $97,867.61, implying 60% upside from current levels if the forecast holds. However, the current trend is bearish. The ADX at 33.98 signals a strong downtrend, while the MACD histogram at -1,865.18 shows negative momentum. The Bollinger Bands lower band sits at $62,359.97, providing a technical floor near current prices.

Final Thoughts

Bitcoin’s drop below $60,000 reflects forced liquidations tied to broader market turmoil, not a fundamental shift in crypto adoption. With oversold technicals and Meyka’s 12-month target at $97,867.61, the risk-reward favors patient investors, though near-term volatility will likely persist.

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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.