Bitcoin dropped to $58,000 on Thursday, falling beneath the key $60,000 level and confirming a bearish breakout that erased its June gains. The move comes as broader risk sentiment weakens, particularly בעקבות losses in major U.S. technology stocks, reinforcing expectations of a deeper pullback toward $54,000.
The world’s largest cryptocurrency declined as much as 4.8% במהלך intraday trading, while technical indicators pointed to fading upside momentum. Analysts highlighted a rounded top formation on the four-hour chart, a pattern often associated with trend reversals, which projects a downside target just below $54,000—roughly 9% below recent prices.
Technical patterns signal further downside
Bearish signals are also evident on higher timeframes. On the daily chart, Bitcoin confirmed a bear flag breakdown after failing to hold key support levels. The alignment of both short- and medium-term patterns strengthens the case for continued losses toward the $54,000 region.
On-chain data points to key support zones
Blockchain data supports this outlook. Metrics from Glassnode showed Bitcoin trading near $60,997 আগে the decline, while the 1.0 MVRV pricing band—reflecting the relationship between market value and realized value—sat near $53,390. This level is now seen as an important support zone in the near term.
If selling pressure continues, attention may shift to the 0.8 MVRV band around $42,700. Historically, moves toward this lower range have coincided with periods of widespread unrealized losses and broader market capitulation.
Macro weakness and ETF outflows weigh on sentiment
Bitcoin’s decline has tracked weakness in equity markets, particularly in the technology sector. Its correlation with the Nasdaq-100 remains high at around 0.8, as both the Nasdaq and S&P 500 extend a three-day losing streak, amplifying risk-off sentiment across markets.
Further pressure is coming from sustained outflows in U.S. spot Bitcoin ETFs, which have reversed earlier inflow trends. These funds are now experiencing their longest stretch of daily redemptions on record, signaling reduced participation from traders and adding consistent selling pressure.
Liquidations and fear deepen market stress
The downturn has triggered heavy liquidations in derivatives markets, with nearly $1 billion in leveraged positions wiped out within 24 hours. Most of these were bullish bets, accelerating the decline as forced selling intensified downward momentum.
Market sentiment has deteriorated sharply, with the Crypto Fear & Greed Index falling to 12, indicating extreme fear. While such readings have historically aligned with market bottoms, they do not rule out further declines.
At the same time, some valuation metrics suggest Bitcoin is approaching historically attractive levels. The MVRV Z-score is nearing the lower boundary associated with past accumulation phases, while a move toward an MVRV ratio of 1.0 would imply prices aligning with the average cost basis of holders—currently estimated in the low $50,000 range.
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