The flagship cryptocurrency Bitcoin extended its decline on Thursday, June 25, briefly slipping below the crucial $60,000 mark and wiping out nearly half the gains made during its 2025 rally.
The broader cryptocurrency market also remained under pressure. Ethereum declined around 3 per cent to $1,617, while BNB fell 2 per cent to $566. XRP was down over 3 per cent at $1.07, Solana slipped nearly 3 per cent to $68, and Dogecoin shed close to 4 per cent to $0.076.
Profit-booking, macro concerns weigh on sentiment
Market analysts attributed the correction to a combination of profit-booking by large holders, softer risk appetite, concerns around financing risks at Strategy Inc., persistent inflation, and expectations of higher US interest rates.
“Bitcoin’s move towards the $60,000 level reflects a combination of profit booking by large holders, softer market sentiment, and a broader reassessment of positioning across digital assets,” said Avinash Shekhar, co-founder and chief executive officer of Pi42.
According to Shekhar, while near-term volatility has increased, segments with strong fundamentals continue to show resilience, indicating that capital is becoming more selective rather than exiting the crypto ecosystem altogether.
“Such phases are typical of maturing markets, where investors increasingly differentiate between short-term momentum and long-term value creation. For investors, this is a period that calls for discipline and perspective. Reacting to every market swing often results in missed opportunities and inefficient decision-making,” he added.
Piyush Walke, derivatives research analyst at Delta Exchange, said the selloff was driven by concerns over financing risks at Strategy Inc., along with a broader shift in retail capital towards AI-related stocks, persistent inflation, and expectations of higher rates from the US Federal Reserve.
“Adding to the pressure, the U.S. Dollar Index (DXY) surged to a 13-month high, weighing on Bitcoin as the two assets typically move in opposite directions,” Walke said.
Despite the recent correction, some analysts believe Bitcoin’s underlying fundamentals remain intact.
“For investors, the coming weeks are likely to be driven less by crypto-specific developments and more by macroeconomic signals. ETF flows, inflation data, and central bank commentary continue to determine liquidity conditions, while on-chain metrics indicate that the underlying health of the Bitcoin network remains considerably stronger than recent price action alone would suggest,” said Vikram Subburaj, chief executive officer of Giottus.
Analysts flag $59,000 as key support for Bitcoin
Analysts continue to track the $59,000 zone as a key support level for Bitcoin.
“A break below $59,000 could trigger a deeper correction toward the $52,000 region. On the upside, immediate resistance is located between $64,400 and $65,000, which also coincides with the 21-day EMA rejection zone,” said Walke.
Subburaj said the $60,000 level has evolved from a psychological threshold into an important structural support area.
“A sustained break below it could expose Bitcoin to $59,000 and then the $54,000-$50,000 zone. On the upside, Bitcoin must reclaim $63,000-$65,500 before attempting a move towards $66,000-$68,000, where significant selling interest has emerged in recent weeks,” he said.
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