bullish

2024

Bitcoin

Bitcoin (BTC) struggled to reclaim $60,000 on Friday amid continued global market volatility.
Key points:
<ul>
 <li>Bitcoin closes below $60,000 on daily time frames for the first time since September 2024.</li>
 <li>Asian stock markets see another day of major losses on tech-stock concerns.</li>
 <li>BTC price analysis hopes for a reclaim of the 200-week trend line as the bull case.</li>
</ul>
<h2 id="bitcoin-risks-60-000-resistance-flip-as-tech-selling-persists">Bitcoin risks $60,000 resistance flip as tech selling persists</h2>
Data from TradingView showed that prior support was increasingly becoming the bulls’ new hurdle after Bitcoin’s first sub-$60,000 daily close since September 2024.<img alt="" height="818" src="https://s3-images.ctmedia.io/media/content/btcusd2026-06-2617-44-58.png" width="1134">
BTC/USD one-hour chart. Source: Cointelegraph/<a href="https://www.tradingview.com/symbols/BTCUSD/" rel="noopener noreferrer nofollow">TradingView</a>
 Asia stock markets saw more downside on the day, with South Korean circuit-breakers kicking in on a new 8% crash.
Like on Tuesday, US stocks <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">managed to avoid contagion</a>, with the S&amp;P 500 and the Dow Jones in the green at the time of writing.<img alt="" height="818" src="https://s3-images.ctmedia.io/media/content/spx2026-06-2617-43-56.png" width="1134">
S&amp;P 500 one-day chart. Source: Cointelegraph/TradingView
 Surrounding the weakness, tech-stock performance remained a popular talking point. Earlier, Micron Technologies boosted the mood with stronger-than-expected earnings data.
Trading resource The Kobeissi Letter suggested that a broader bullish turnaround could already be due.
“Most people do not realize how many tech giants are already deep bear market territory,” it wrote in a <a href="https://x.com/KobeissiLetter/status/2070495083967689001" rel="noopener noreferrer nofollow">post on X</a>.
Kobeissi noted that many major tech companies were already down more than 50% versus their all-time highs, with crypto exchange Coinbase leading at -69%.
“The S&amp;P 500 won't tell you this,” it added.<img alt="" height="818" src="https://s3-images.ctmedia.io/media/content/coin2026-06-2617-42-49.png" width="1134">
Coinbase stock one-week chart. Source: Cointelegraph/TradingView
 In its latest analysis, trading company QCP Capital stressed the influence of US inflation trends on risk assets going forward.&nbsp;
As <a href="https://cointelegraph.com/markets/bitcoin-drops-to-58-on-pce-highs" rel="noopener noreferrer nofollow">Cointelegraph reported</a>, the May print of the Personal Consumption Expenditures (PCE) index, known as the Federal Reserve’s “preferred” inflation gauge, recorded its highest year-on-year increase since mid-2023.&nbsp;
“Core PCE is nowcast at 3.30%, while headline PCE is nowcast at 3.82%, both still above target,” QCP wrote.&nbsp;
<blockquote>
 “The Fed’s 2026 inflation forecast has also moved up to 3.6%, from 2.7%, reinforcing the view that inflation, rather than growth, remains the binding constraint.”
</blockquote><img alt="" height="611" src="https://s3-images.ctmedia.io/media/content/screenshot-2026-06-25-at-172730.png" width="831">
US PCE Index one-month % change (screenshot). Source: <a href="https://www.bea.gov/data/personal-consumption-expenditures-price-index" rel="noopener noreferrer nofollow">Bureau of Economic Analysis</a>
<h2 id="btc-price-200-week-trend-line-reclaim-in-focus">BTC price 200-week trend line reclaim in focus</h2>
Looking at the short term, crypto trader and analyst Michaël Van de Poppe asked whether BTC price action would continue its downward trend.
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>
“It's an interesting day for Bitcoin,” he <a href="https://x.com/CryptoMichNL/status/2070424522113630577" rel="noopener noreferrer nofollow">told</a> X followers, noting the upcoming quarterly options expiry event.
Van de Poppe drew attention to the <a href="https://cointelegraph.com/markets/bitcoin-price-is-down-over-40-since-strc-launched-is-strategy-fine" rel="noopener noreferrer nofollow">performance of Strategy</a>, the company with the world’s largest Bitcoin treasury, and its Bitcoin funding vehicle, Stretch (STRC).
“In all honesty, the fact that STRC has seen a relatively big drop yesterday and Bitcoin essentially stalled at $60,000 is not a weak signal. Other than that, there's a bullish divergence on the daily timeframe, which is still far from confirmed,” he continued.
<blockquote>
 “It can signal that we're bouncing back upwards, and, yes, the markets need to bounce back upwards in order to close above the 200-Week MA.”
</blockquote><img alt="" height="784" src="https://s3-images.ctmedia.io/media/content/btcusd2026-06-2617-38-58.png" width="1134">
BTC/USD one-day chart with 200-week SMA. Source: Cointelegraph/TradingView
 The trend line in question, the 200-week simple moving average (SMA), stood at $62,243 at the time of writing.

Bitcoin makes first sub-$60K close since Q3 2024 as tech stocks enter ‘deep bear market’

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