Bitcoin falls below $60,000 amid broader market decline

Bitcoin experienced a significant decline, falling below the $60,000 level for the first time since early February and reaching an intraday low of $59,743. This move extended the bearish momentum, although buyers intervened near the lows, pushing the price back above $60,000 to approximately $60,834. Despite the rebound, the technical outlook shows damage from the multi-month low. Key resistance for Bitcoin is now seen near $65,000. Concurrently, stock markets continued to decline. The Nasdaq index was down 2.66%, with traders targeting support near 26,048, which aligns with the 200-hour moving average and a significant retracement level. The S&P index also fell, down 1.64%. The author notes that Bitcoin has fallen 16% in the last 5 days and 42% over the last twelve months, suggesting that crypto is often the first asset class to decline when risk appetite fades. An analyst noted that the AI trade is "sucking the blood out of crypto." Investors are withdrawing from Bitcoin ETFs and reallocating resources to the semiconductor sector amid surging AI stocks and upcoming market listings.