{"id":3668,"date":"2026-06-05T23:09:14","date_gmt":"2026-06-05T23:09:14","guid":{"rendered":"https:\/\/blog.coinsignals.net\/?p=3668"},"modified":"2026-06-05T23:09:14","modified_gmt":"2026-06-05T23:09:14","slug":"bitcoin-falls-below-60000-for-the-first-time-since-october-2024-as-market-selloff-intensifies","status":"publish","type":"post","link":"https:\/\/blog.coinsignals.net\/index.php\/2026\/06\/05\/bitcoin-falls-below-60000-for-the-first-time-since-october-2024-as-market-selloff-intensifies\/","title":{"rendered":"Bitcoin Falls Below $60,000 for the First Time Since October 2024 as Market Selloff Intensifies"},"content":{"rendered":"\n
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The cryptocurrency market extended its decline on Friday, with Bitcoin dropping below the key $60,000 level for the first time since October 2024, highlighting the growing pressure across digital asset markets.<\/p>\n\n\n\n

Over the past 24 hours, Bitcoin has lost approximately 5.5 percent of its value, reaching an intraday low of $59,743 before staging a modest recovery. The move marks a significant technical and psychological setback for the world\u2019s largest cryptocurrency, which has struggled to find support amid a broader market downturn.<\/p>\n\n\n\n

Crypto Market Faces Heavy Selling Pressure<\/strong><\/p>\n\n\n\n

Bitcoin\u2019s decline comes as weakness spreads throughout the cryptocurrency sector, with many altcoins recording even steeper losses than BTC.<\/p>\n\n\n\n

The sharp selloff triggered widespread liquidations across derivatives markets, wiping out approximately $1.5 billion in leveraged positions over the past day. The scale of the liquidations reflects the intensity of the current market correction and the challenges facing traders attempting to navigate heightened volatility.<\/p>\n\n\n\n

Although Bitcoin has managed to rebound slightly from its daily low, investors remain focused on whether the asset can successfully defend the $60,000 region or if further downside pressure will emerge in the coming sessions.<\/p>\n\n\n\n

Strong US Jobs Data Fails to Lift Risk Assets<\/strong><\/p>\n\n\n\n

The latest decline occurred shortly after the release of the US labor market report, which showed stronger than expected employment growth.<\/p>\n\n\n\n

According to the report, the US economy added 172,000 jobs in May, significantly exceeding forecasts of 85,000 new positions. Meanwhile, the unemployment rate remained at 4.3 percent, matching market expectations.<\/p>\n\n\n\n

The figures made May\u2019s employment report one of the strongest labor market readings seen over the past 13 months.<\/p>\n\n\n\n

Despite the positive economic data, financial markets responded negatively. The S&P 500 fell 1.7 percent during the session, indicating that investor appetite for risk assets has weakened.<\/p>\n\n\n\n

Other major US equity benchmarks also moved lower, including the NYSE Composite, Nasdaq Composite, and Dow Jones Industrial Average.<\/p>\n\n\n\n

Crypto Declines Outpace Traditional Markets<\/strong><\/p>\n\n\n\n

While the downturn is not limited to digital assets, the losses in cryptocurrency markets have been considerably more severe than those seen in traditional financial markets.<\/p>\n\n\n\n

The combination of strong economic data, shifting risk sentiment, and ongoing selling pressure has created a challenging environment for investors. As a result, Bitcoin and the broader crypto market continue to face heightened volatility, with traders closely monitoring whether current support levels can withstand further market stress.<\/p>\n\n\n\n

For now, Bitcoin\u2019s break below $60,000 serves as another reminder of the fragile market conditions currently weighing on the cryptocurrency sector.#crypto#crypto#bitcoin https:\/\/coinsignals.net<\/a> https:\/\/t.me\/coinsignalpublic<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The cryptocurrency market extended its decline on Friday, with Bitcoin dropping below the key $60,000 level for the first time since October 2024, highlighting the growing...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3668","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/posts\/3668","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/comments?post=3668"}],"version-history":[{"count":1,"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/posts\/3668\/revisions"}],"predecessor-version":[{"id":3670,"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/posts\/3668\/revisions\/3670"}],"wp:attachment":[{"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/media?parent=3668"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/categories?post=3668"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/tags?post=3668"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}