Key facts
- Bitcoin's price fell below $60,000, reaching its lowest level since October 2024.
- An intraday low of $59,100 was recorded on Friday.
- A stronger-than-expected May jobs report contributed to higher bond yields and pressure on risk assets.
- Bitcoin has declined 19.3% in the last seven days.
- Over 351,000 traders were liquidated across crypto markets in 24 hours.
- Bitcoin is on course for its worst weekly performance since November 2022.
Bitcoin's price has fallen below $60,000, reaching its lowest level since October 2024, with an intraday low of $59,100 on Friday. This decline was intensified by a stronger-than-expected May jobs report, which led to higher bond yields and put pressure on risk assets like Bitcoin. The move extended a sharp sell-off that has taken bitcoin down 19.3% in seven days. Over 351,000 traders were liquidated across crypto markets in a single 24-hour window. Potential reasons cited for the decline include geopolitical concerns and advances in quantum computing that put traditional crypto mining techniques at risk. Major cryptocurrencies have seen their 'Trump-era gains' wiped out. Bitcoin's downside targets cluster near $50,000, but a larger weekly bearish setup puts a deeper correction toward $33,000 on the radar. Bitcoin (BTC) is heading for its worst weekly performance since November 2022, down around 15% week-to-date as of Friday.