Bitcoin falls below $60,000, on track for rare back-to-back quarterly loss

Bitcoin fell below $60,000 over the weekend, trading around $59,940 on Sunday, down 0.6% in 24 hours and nearly 7% on the week, according to CoinDesk data. The decline puts the largest cryptocurrency on track for a second consecutive quarterly loss, a rare occurrence that underscores persistent selling pressure in the crypto market.

The sell-off was broad-based, with altcoins leading the decline. Ether dropped 9.5% on the week to about $1,567, dogecoin fell 11.7% to $0.073, Hyperliquid's HYPE lost 10.6%, and XRP slid 8.7% to $1.04. Solana held up relatively better at $70, down 3.5%, while tron was the most resilient, losing only 1.5%. The market has leaned on bitcoin's relative steadiness while riskier assets fell faster, but even bitcoin could not escape the broader downturn.

For cryptocurrency traders, the weakness reflects a risk-off environment that has weighed on digital assets alongside traditional markets. Factors such as elevated interest rates, regulatory uncertainty, and on-chain data showing large holders reducing positions have contributed to the selling. Traders can monitor these moves in real time on NowPrice's live crypto dashboard to track price action and identify potential support levels.

Looking ahead, the market will watch for any shift in macroeconomic conditions, including central bank policy signals and inflation data, which could influence risk appetite. Bitcoin's ability to hold above key support levels will be crucial in determining whether the sell-off deepens or a recovery begins in the third quarter.