Bitcoin Hits 16-Month Low: Will It Slip Under $60,000?

Bitcoin prices dropped sharply on Friday, touching a 16-month low and testing the crucial $60,000 support level. The decline came amid global market stress, with heavy selling in technology stocks, metals, and other risk assets. The volatility has sparked concerns about whether Bitcoin could break below $60,000 in the coming days.

Bitcoin’s Latest Price Action

The world’s largest cryptocurrency fell to an intraday low of $60,008.52, its weakest since October 2024, before recovering slightly. At last check, Bitcoin was trading 1.64% higher at $64,153.24, swinging between gains and losses. The sharp moves highlight investor caution and nervous sentiment.

Why Bitcoin Prices Dropped

• Heavy Liquidations: Over $1 billion worth of Bitcoin positions were liquidated within 24 hours, forcing traders to exit.

• ETF Outflows: Spot Bitcoin ETFs have seen consistent withdrawals. Deutsche Bank reported $3 billion outflows in January, following $2 billion in December and $7 billion in November.

• Weak Risk Appetite: Investors sold across asset classes — metals, tech stocks, and crypto — amplifying the decline.

Global Crypto Market Under Pressure

According to CoinGecko, the total crypto market cap has dropped by $2 trillion since October, with $1 trillion lost in the past month alone. Bitcoin is down 16% this week and 27% year-to-date, while Ether has fallen 17% weekly and 36% this year, showing widespread stress across digital assets.

Link With Stocks & Metals

Bitcoin continues to mirror movements in tech stocks. When equities fall, crypto often follows. The recent selloff in gold and silver added pressure, as leveraged trades unwound, forcing investors to cut risk across portfolios.

Will Bitcoin Break Below $60,000?

Repeated failures to sustain rebounds above $70,000–$72,000 have weakened confidence. Analysts warn that extreme volatility and ETF outflows could push Bitcoin lower.

• Avinash Shekhar (Pi42): The $58,000–$60,000 zone remains a critical support band despite fragile sentiment.

• CoinSwitch Markets Desk: Bitcoin may test $60K–$62K, with downside risk toward $56K if risk-off conditions deepen.

For now, investor sentiment remains cautious, with global liquidity trends and equity market performance likely to decide Bitcoin’s next move.

🔒 Disclaimer

This article is for informational purposes only. Expert views quoted are independent opinions and do not represent endorsements. Readers should consult a qualified financial advisor before making investment or trading decisions.