Bitcoin Drops Below $60K for First Time Since 2024

Bitcoin just hit a milestone nobody wanted to see. The world's biggest cryptocurrency (a digital form of money that isn't controlled by any government or bank) closed below $60,000 for the first time since September 2024.

This matters because $60,000 used to act as a "support" level — a price floor where buyers usually step in to stop the price falling further. Now experts worry that level could become "resistance" instead — meaning it acts like a ceiling that's hard to push above. In short, what once helped Bitcoin rise could now hold it back.

The drop didn't happen alone. Stock markets in Asia had another rough day, driven mostly by worries about technology companies:

• South Korea's stock market crashed 8%, triggering "circuit breakers" (automatic pauses that stop trading to prevent panic selling).
• Many big tech firms are now in a "deep bear market" (a market that has fallen 20% or more from its peak — a sign of serious decline).
• Crypto exchange Coinbase stock is down 69% from its all-time high — one of the worst performers.

Interestingly, US stocks held up better. The S&P 500 (an index tracking 500 of America's largest companies) and the Dow Jones (another major US stock index) were both slightly up. Tech company Micron Technologies even reported stronger-than-expected earnings, which lifted the mood a little.

Some analysts see hope. The Kobeissi Letter, a popular trading newsletter, suggested a "bullish" (upward) turnaround could already be near, pointing out that many tech giants have already fallen so far they may be due for a bounce.

The bottom line: Bitcoin is under pressure, closely tied to what's happening in global stock markets. Traders are watching whether it can climb back above $60,000 — or whether that number now becomes a barrier. For beginners, the key takeaway is that crypto and stocks often move together during uncertain times.

This is an AI-generated summary. Read the original article at: https://cointelegraph.com/markets/bitcoin-sees-first-close-below-60k-since-q3-2024-with-tech-stocks-in-deep-bear-market-zone?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound