Bitcoin briefly dropped below $60,000 on June 5, marking the first time the cryptocurrency fell beneath that level since October 10, 2024. The decline occurred amid a broader risk-off selloff across financial markets as investors reacted to strong U.S. employment data and persistent fund outflows. Bitcoin bottomed at $59,750 on Coinbase and $59,799 on Binance against the U.S. dollar during the trading session. The move broke a psychological support level that had largely held throughout 2026, with digital asset investment products experiencing approximately $5.8 billion in outflows over the past four weeks according to CoinShares.
Bitcoin Falls to $59,750 on Coinbase as Support Breaks
Bitcoin fell to a low below $60,000 during Friday trading, breaking a psychological support level that had largely held throughout 2026. The cryptocurrency bottomed out at $59,750 on Coinbase and $59,799 on Binance against the U.S. dollar. Against USDT, Bitcoin bottomed out at $59,786 on Binance.
The drop represents the first confirmed move under $60,000 since October 10, 2024, when BTC bottomed near $58,863 before recovering. The decline pushed Bitcoin into a key technical zone that many traders have been watching for months.
Bitcoin has lost more than 17% over the past week, while broader crypto markets have also faced heavy selling pressure. Market participants pointed to a combination of macroeconomic and crypto-specific factors behind the move. A stronger-than-expected U.S. jobs report reduced expectations for near-term interest-rate cuts, prompting investors to move away from risk assets.
CoinShares Reports $5.8 Billion in Digital Asset Outflows
Digital asset investment products experienced approximately $5.8 billion in outflows over the past four weeks, according to data from CoinShares. The asset manager reported that the withdrawals were driven by geopolitical uncertainty, changing interest-rate expectations, and capital rotating toward artificial intelligence-related investments.
CoinShares stated that "sentiment has taken a clear turn for the worse over the past month...the asset class remains close to flat for the year. This is a sentiment shock," while emphasizing that current conditions appear to reflect a sentiment-driven shock rather than a structural breakdown in crypto fundamentals.
Analysts Monitor $60,000 Level as Key Threshold
Bitcoin's fall below $60,000 is particularly significant because the level has acted as a major psychological threshold throughout the current market cycle. Previous tests of the area in February 2026 held above support, helping stabilize prices.
Analysts are monitoring whether Bitcoin can reclaim the level quickly or whether it transforms into a resistance zone. Attention is focused on macroeconomic data, Federal Reserve expectations, and institutional fund flows. Investors are also watching whether digital asset investment products continue to experience outflows or begin attracting fresh capital.
FAQ
When did Bitcoin last fall below $60,000 before June 5?
Bitcoin last fell below $60,000 on October 10, 2024, when it bottomed near $58,863 before recovering. The June 5 drop marked the first time Bitcoin broke beneath that level since then.
What were the lowest prices Bitcoin reached on June 5?
Bitcoin bottomed at $59,750 on Coinbase and $59,799 on Binance against the U.S. dollar. Against USDT, Bitcoin bottomed out at $59,786 on Binance during the trading session.
How much money left digital asset investment products recently?
Digital asset investment products experienced approximately $5.8 billion in outflows over the past four weeks, according to CoinShares. The asset manager attributed the withdrawals to geopolitical uncertainty, changing interest-rate expectations, and capital rotating toward artificial intelligence-related investments.
