BTC closes under $60,000 as tech-stock sell-offs in Asia weigh on cryptocurrency markets amid broader volatility.
Bitcoin fell below $60,000 for the first time since September 2024, closing at its lowest level in nearly a year. The decline followed another sell-off in Asian tech stocks, which pressured broader risk assets and turned $60,000 into a key resistance level for BTC.
Prior support at $60,000 now poses a challenge for bulls, with traders eyeing the 200-week trend line as a potential recovery target. Asian markets saw steep losses, including an 8% crash in South Korea that triggered circuit breakers, while US equities remained resilient, with the S&P 500 and Dow Jones posting gains.
Tech-stock performance continued to drive sentiment, though stronger-than-expected earnings from Micron Technologies provided a brief lift. Analysts suggest a broader market turnaround may be overdue, though uncertainty persists.