Bitcoin breaks $60,000 and falls to 20-month low, wiping out Trump rally

Bitcoin has broken below the $60,000 level and fallen to its lowest point in 20 months, erasing the entire Trump 2.0 rally despite a series of crypto-friendly policies from the US government. The cryptocurrency touched below the June 5 bottom of $59,125, according to market data. At current levels, the entire post-election advance has been wiped out, a poor fundamental sign that raises questions about the sustainability of the bullish narrative.

The selloff is not isolated to crypto. Bitcoin is down 5% on the day, but silver has fallen 7.4% and gold is down 3%. WTI crude oil has dropped 4%, and hot chip names are also slumping. The US dollar is bid across the board, reflecting a broad risk-off deleveraging event. For forex traders, this kind of synchronized selloff in risk assets typically signals a flight to safety, with the dollar and yen benefiting while commodity currencies like the Australian and Canadian dollars come under pressure. The move also highlights the growing correlation between crypto and traditional risk assets, reducing Bitcoin's appeal as a portfolio diversifier. Traders can track the latest Bitcoin price and other currency pairs in real time on NowPrice.

Looking ahead, the key question is whether Bitcoin can find support above the $55,000 area or if further downside is in store. The lack of a clear catalyst for a rebound, combined with the broad-based deleveraging, suggests that volatility could remain elevated. Traders will be watching for any comments from Fed officials or US Treasury regarding crypto policy, as well as the next round of economic data that could influence risk sentiment. The absence of a strategic Bitcoin reserve from Congress leaves few policy levers to support prices, making the technical picture even more critical.