- Bitcoin fell sharply this week, trading near or below the $60,000 psychological level — its weakest prints in months — as the broader market shed significant value.
- Ethereum plunged more than 12% on the day in some reports, approaching critical technical support amid the selloff.
- Liquidations exceeded $1.2 billion (with some sessions topping $1.7–1.8 billion), overwhelmingly hitting long positions as leveraged traders were flushed out.
- The week ranks as crypto’s worst since July 2024, with Bitcoin down nearly 15% and Ether over 17% in some measures.
Crypto markets are enduring their roughest week since July 2024, with Bitcoin testing the $60,000 level and Ethereum sliding toward key support zones as more than $1.2 billion in leveraged positions were liquidated in recent sessions.
The selloff accelerated amid a confluence of pressures: a record streak of Bitcoin ETF outflows (cumulatively over $4 billion in recent weeks before a small reversal), strong U.S. jobs data that tempered rate-cut expectations, and lingering effects from earlier geopolitical headlines. Bitcoin traded as low as the mid-$59,000s in intraday action on June 5 according to multiple trackers, marking multi-month lows and extending a drawdown that has erased a substantial portion of 2026 gains.
Ethereum faced even steeper losses, dropping over 12% in a single session in some reports to around $1,550, with traders watching closely for a breakdown below established support bands. Altcoins across the board suffered outsized moves lower, amplifying the risk-off tone across the market.
Data from CoinGlass showed heavy liquidation volumes, with one 24-hour window exceeding $1.1–1.8 billion depending on the exact cutoff, the vast majority from long positions. This deleveraging cascade added fuel to the downside as cascading margin calls hit leveraged bulls who had positioned for continuation higher earlier in the year.
The weekly performance stands out as particularly severe. Bitcoin is on pace for double-digit percentage losses — its worst stretch in nearly two years — while the total crypto market capitalization has shed hundreds of billions in value in just days. The Fear & Greed Index has plunged into “extreme fear” territory, a level that historically coincides with capitulation but also potential turning points.
Contributing factors include the unwind of the AI-related trade that had supported certain high-beta tokens, ongoing questions around institutional flows, and technical breakdowns below key moving averages. While some analysts view the $60,000 zone as a major inflection point with potential for a relief bounce on oversold conditions, others warn that a sustained break could open the door to deeper tests toward $55,000 or lower in the near term.
Despite the gloom, a handful of data points offered minor counterbalance: one session saw a small net inflow into Bitcoin ETFs, briefly halting the long outflow streak, and certain on-chain metrics show accumulation by long-term holders even as short-term leverage is purged.
Traders are now focused on whether Bitcoin can stabilize above $60,000 and whether Ethereum can hold its immediate support band. The coming sessions will likely hinge on macro data releases and any signs of renewed institutional buying interest.
Disclaimer: This article is for informational purposes only and does not constitute advice of any kind. Readers should conduct their own research before making any decisions.
