ISTANBUL, June 5, 2026 — Bitcoin continued its downward trajectory on Thursday, briefly falling below the $60,000 mark for the first time since October 2024, as mounting selling pressure weighed heavily on the cryptocurrency market.
According to market data cited by Turkish business news outlet Patronlar Dünyası, Bitcoin dropped by as much as 7% during the day, reaching lows near $59,300 before attempting to stabilize. The decline extends a prolonged correction that has erased more than half of the cryptocurrency’s value since it peaked above $126,000 last year.
The world’s largest cryptocurrency has been under pressure amid deteriorating speculative sentiment and broader risk aversion across financial markets. Analysts noted that Bitcoin’s latest slide pushed its price below levels seen during the early period of U.S. President Donald Trump’s return to the White House, despite expectations that his administration would pursue crypto-friendly policies.
The sell-off was not limited to Bitcoin. Ethereum and other major digital assets also suffered significant losses, contributing to one of the sharpest weekly declines in the cryptocurrency sector this year. Market reports indicated that Bitcoin had fallen roughly 14.5% on a weekly basis, while billions of dollars in leveraged positions were liquidated across crypto exchanges.
Market observers are closely monitoring the $60,000 level, which many traders regard as a critical technical support zone. A sustained move below that threshold could trigger additional selling pressure and increased market volatility, while a successful defense of the level may encourage bargain hunters to re-enter the market.
Despite the sharp correction, some analysts believe technical indicators suggest the market may be approaching oversold conditions, potentially paving the way for a short-term rebound. However, investor sentiment remains fragile as traders assess whether the recent decline represents a temporary correction or the beginning of a more prolonged downturn.
Source: Patronlar Dünyası/ Prepared by: İlayda Gök