Bitcoin Drops Below $60,000 as Investors React to Market Dynamics

The cryptocurrency market saw Bitcoin $103,540 drop below $60,000 again due to escalating geopolitical tensions and recent U.S. economic data. While investors have grown accustomed to rapid losses following gradual gains over the past six months, this trend significantly dampens market risk appetite. Some altcoins experienced losses exceeding 5% amid these market conditions.

Bitcoin Declines

For the first time since September 18, the price of BTC fell below $60,000. After surpassing $66,500, sellers re-emerged, and bulls could not prevent the decline triggered by Iran’s missile activity. BTC has dropped 10% from its local peak and is currently trading at $60,400.

Continued tests of support levels and the inability to maintain the $61,700 mark serve as red flags for altcoin investors. Fearing a further drop to $53,000, many investors have chosen to stay on the sidelines, resulting in even greater losses among altcoins. Specifically, XRP Coin’s price dropped by 10% to $0.52 within 24 hours following the SEC’s anticipated appeals decision, which spooked market participants. Whales who had been accumulating in the days prior found a favorable selling opportunity with the news of the Bitwise ETF.