Summary of this article
Bitcoin fell below USD 60,000, touching USD 58,075, its lowest level in 21 months.
Macroeconomic concerns, ETF outflows, and crypto liquidations continued driving selling pressure across digital assets.
Experts see USD 60,000 as crucial support, with recovery depending on institutional inflows and macroeconomic conditions.
Bitcoin continued its decline and traded below the $60,000 mark on Friday as the broader cryptocurrency market remained under pressure. The latest drop pushed the world’s largest cryptocurrency to a multi-month low, marking another significant move in the ongoing market downturn.
According to CoinMarketCap data, Bitcoin fell to USD 58,075.92, its lowest level in 21 months. At the time of writing, it had recovered slightly to USD 59,702.29, but was still down 3.06 per cent over the past 24 hours and 4.26 per cent over the past week.
The decline was also reflected across other major cryptocurrencies. Ethereum traded at USD 1,551.18, down 5.75 per cent over the past 24 hours and 8.04 per cent over the past week. Binance traded at USD 564.30, declining 0.57 per cent in the last 24 hours and 1.15 per cent over the past week. XRP traded at USD 1.04, down 4.41 per cent in the last 24 hours and 8.16 per cent over the past week.
Experts say a combination of global macroeconomic developments and crypto-specific factors has contributed to the recent selling pressure.
Here’s What Experts Say About Bitcoin Decline
Prateek Gupta, Head of Business at Mudrex, said the recent correction reflects a broader shift in global risk sentiment rather than any change in Bitcoin’s long-term fundamentals. According to him, markets are reacting to persistent inflation in the US.
He further said the sell-off gathered pace after nearly USD 600 million worth of crypto positions were liquidated within an hour, adding to the downward pressure on prices.
Harish Vatnani, Head of Trade at ZebPay, said, “After Bitcoin reached an all-time high of around USD 126,000 last year, a phase of profit-taking was a natural progression.” He added that the correction has accelerated amid a more cautious macroeconomic environment, while ETF outflows, derivatives liquidations and softer overall risk sentiment have amplified the decline.
With Bitcoin trading at its lowest level in months, attention has now shifted to its near-term outlook.
What Could Be Next for Bitcoin
Nischal Shetty, Founder of WazirX, said, “ USD 60,000 level remains an important support for Bitcoin, while USD 62,000 could act as the first major resistance.” He added that if institutional inflows improve and macroeconomic conditions become more favourable, Bitcoin could regain momentum, as seen in previous market cycles.
Harish Vatnani, Head of Trade at ZebPay, said he views the current price action as a continuation of the ongoing correction rather than the beginning of a broader trend reversal. According to him, the USD 60,000 level remains a key support for Bitcoin.
“The USD 60,000 level remains a critical support, and a sustained weekly close below it could increase the likelihood of Bitcoin falling towards the USD 48,000–USD 52,000 range,” he said.
