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Bitcoin slipped under $60k on June 24 2026, its lowest since 2024, after $6.4 bn of ETF outflows and leveraged liquidations. See the price level, on‑chain
Bitcoin dropped below $60,000 on 24 June 2026, its first sub‑$60k close since late 2024, after a confluence of ETF redemptions, leveraged liquidations and a hawkish Federal Reserve stance [1]. The move pushes the world’s largest cryptocurrency more than 50% off its October 2025 peak and raises questions about whether the level could act as a new bottom.
| At a glance | |
|---|---|
| Price | $59,800 (approx.) |
| 24‑h change | –2.3% (approx.) |
| Key level | $60,000 support |
| Catalyst | $6.4 bn month‑long Bitcoin ETF outflows, leveraged liquidations, Fed‑driven macro pressure |
ETF redemptions forced issuers to sell Bitcoin to meet withdrawals, creating mechanical selling pressure. Over the past month, Bitcoin ETFs recorded roughly $6.4 bn of net outflows, including a single‑day $469 m spike [1]. Those flows coincided with a wave of leveraged liquidations that amplified the price drop.
Deribit data show more than $1.2 bn of notional open interest in $60,000 strike put options [1]. Market makers holding these short‑gamma positions must sell spot Bitcoin as the price approaches the strike, a dynamic that can accelerate downside moves.
The broader macro backdrop added further strain. A hawkish Federal Reserve, reinforced by strong wage growth and a modest jobs report, kept interest‑rate expectations high, limiting risk appetite for assets like Bitcoin [2].
Despite the sell‑off, several on‑chain indicators have entered zones historically linked to market bottoms. Cycle analysts note that the traditional four‑year halving cycle points to a potential bottom around October 2026, though the pattern’s reliability is uncertain [1].
Bitcoin’s price recovered briefly after the June jobs report, climbing above $60,000 and touching $63,000, as traders priced in a possible dovish pivot from the Fed [2]. The next catalyst will be the July CPI release on 14 July, which could shape Fed policy expectations and, by extension, Bitcoin’s risk‑on appeal [2].
| Metric | Value |
|---|---|
| Open interest at $60k puts | $1.2 bn |
| Monthly ETF outflows | $6.4 bn |
| Year‑to‑date decline | 31.7% |
| Distance from ATH | 52.6% |
The breach of $60,000 underscores how intertwined Bitcoin’s price is with institutional flows and macro policy. Whether the level will hold as a floor or give way to deeper declines will depend on upcoming inflation data and the pace of ETF redemptions.
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 2 outlets · Jul 5, 2026 · How we report
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