Bitcoin

Rekt

Bitcoin (BTC) hit new 21-month lows at Thursday’s Wall Street open as high US inflation unsettled stock markets.
Key points:
<ul>
 <li>Bitcoin returns to its lowest level since September 2024, dropping to $58,000.</li>
 <li>US PCE inflation rocks equities, with the Nasdaq 100 shedding 2% in just 30 minutes.</li>
 <li>BTC's correction mirrors the price action seen throughout the 2022 bear market.</li>
</ul>
<h2 id="crypto-liquidations-pass-600-million-in-an-hour-as-btc-price-drops">Crypto liquidations pass $600 million in an hour as BTC price drops</h2>
Data from TradingView showed BTC/USD dropping to $58,035 on Bitstamp —&nbsp;a level it last traded at in September 2024.<img alt="" height="818" src="https://s3-images.ctmedia.io/media/content/btcusd2026-06-2517-39-01.png" width="1134">
BTC/USD one-hour chart. Source: Cointelegraph/<a href="https://www.tradingview.com/symbols/BTCUSD/" rel="noopener noreferrer nofollow">TradingView</a>
 The May print of the US Personal Consumption Expenditures (PCE) index came in at 4.1%, setting a new three-year record.
“From the preceding month, the PCE price index for May increased 0.4 percent. Excluding food and energy, the PCE price index increased 0.3 percent,” a <a href="https://www.bea.gov/news/2026/personal-income-and-outlays-may-2026" rel="noopener noreferrer nofollow">data release</a> from the Bureau of Economic Analysis (BEA) stated.&nbsp;
<blockquote>
 “From the same month one year ago, the PCE price index for May increased 4.1 percent. Excluding food and energy, the PCE price index increased 3.4 percent from one year ago.”
</blockquote><img alt="" height="611" src="https://s3-images.ctmedia.io/media/content/screenshot-2026-06-25-at-172729.png" width="831">
US PCE one-month % change (screenshot). Source: BEA
 Stocks reacted with volatility, with the Nasdaq Composite Index down 0.5% at the time of writing, while the S&amp;P 500 managed to eke out a gain.
The Nasdaq 100, meanwhile, saw a larger snap decline of 2% in just 30 minutes at the open.
“What a chart,” trading resource The Kobeissi Letter responded on X.unknown node
Bitcoin itself sparked considerable long position liquidations, with <a href="https://www.coinglass.com/liquidations" rel="noopener noreferrer nofollow">CoinGlass</a> putting the cross-crypto liquidation total at $600 million over a single hour.<img alt="" height="506" src="https://s3-images.ctmedia.io/media/content/screenshot-2026-06-25-at-173626.png" width="1378">
Crypto liquidation history (screenshot). Source: CoinGlass
 Commenting, market participants suggested that price moves were being artificially managed to squeeze positions.
“$BTC is in the manipulation phase,” pseudonymous trader Killa <a href="https://x.com/KillaXBT/status/2070066719054303311" rel="noopener noreferrer nofollow">told</a> X followers.&nbsp;
<blockquote>
 “Every time $BTC trades sub-$60K, that is our manipulation beneath the significant $60K swing low on the weekly and quarterly. Precisely the reason why the orderbook is stacked below us.”
</blockquote><img alt="" height="1033" src="https://s3-images.ctmedia.io/media/content/hlpzztmwsaadvod.jpeg" width="1782">
Source: Killa/X
 Niels Klaver, cofounder of crypto platform STABL Agency, <a href="https://x.com/Web3Niels/status/2070069668467847491" rel="noopener noreferrer nofollow">suggested</a> that BTC/USD “seems to be going for its final leg down of this bear market.”&nbsp;
“$55K remains the target,” he added, referring to an <a href="https://cointelegraph.com/markets/bitcoin-gets-new-54k-warning-as-btc-price-hits-11-day-low-on-asia-tech-sell-off" rel="noopener noreferrer nofollow">increasingly popular</a> short-term price goal.<img alt="" height="1797" src="https://s3-images.ctmedia.io/media/content/hlpdy9hxqaey5ss.jpeg" width="1888">
BTC/USDT one-week chart. Source: Niels Klaver/X
<h2 id="bitcoin-analysis-sees-new-resistance-near-65-000">Bitcoin analysis sees new resistance near $65,000</h2>
As BTC price action attempted a modest rebound, trader and analyst Rekt Capital had already <a href="https://x.com/rektcapital/status/2069810581591212435" rel="noopener noreferrer nofollow">described</a> $60,000 support as “clearly weakening.”
Related: <a href="https://cointelegraph.com/markets/bitcoin-four-year-trend-calls-for-76k-as-analysis-says-btc-price-not-broken" rel="noopener noreferrer nofollow">BTC price four-year trend calls for $76K as analysis says Bitcoin 'not broken'</a>
“Once June Monthly Closes, we'll know from which price July will be able to potentially spring into a post-breakdown relief rally,” an <a href="https://x.com/rektcapital/status/2070145879512629516" rel="noopener noreferrer nofollow">X post</a> read.<img alt="" height="1338" src="https://s3-images.ctmedia.io/media/content/hllxgt6wiaafh9v.jpeg" width="1814">
BTC/USD one-month chart. Source: Rekt Capital/X
 Rekt Capital maintained that the market was acting similarly to 2022, with the 50-month exponential moving average (EMA) tipped to become new resistance next.<img alt="" height="818" src="https://s3-images.ctmedia.io/media/content/btcusd2026-06-2517-32-56.png" width="1134">
BTC/USD one-month chart. with 50EMA. Source: Cointelegraph/TradingView

Bitcoin drops to $58K on high US PCE inflation as trader sees 'manipulation'

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