Bitcoin slides below $60,000 as 65% of traders see $50,000 bottom

A survey showing nearly two-thirds of crypto traders expect Bitcoin to fall below $50,000 this year has added to selling pressure after the token breached the $60,000 support level for the first time in 20 months.

Bitcoin fell as low as $59,743 on June 5, its weakest since October 2024, extending a sell-off that has erased more than half the value from its record high above $126,000 set in October 2025.

A survey of crypto traders conducted after the breakdown showed 65% expect Bitcoin to trade below $50,000 before the end of 2026, according to data compiled by Coinpedia. On-chain analyst Winter Soldier warned the market has not yet found its final bottom and that Bitcoin could fall below $35,000 if selling pressure continues.

The breakdown below $60,000 followed a confluence of headwinds. Strategy, the largest corporate holder of Bitcoin, sold 32 tokens for about $2.5 million during May 26-31 — its first sale since 2022. Spot Bitcoin ETFs recorded $2.43 billion in net outflows in May and another $1.40 billion in the first days of June, SoSoValue data show. A stronger-than-expected May jobs report on June 5 pushed fed funds futures to price in a rate hike, further dampening risk appetite.

The next major support level sits near $50,000, a threshold that, if breached, could trigger cascading liquidations across leveraged positions. Open interest in Bitcoin futures has declined 22% from its October peak, Coinglass data show, signaling that speculative capital continues to rotate out of crypto and into the artificial intelligence trade.

The sell-off has also weighed on crypto-linked equities. Shares of Strategy (MSTR) have lost more than 20% of their value in 2026, while Coinbase (COIN) has fallen about a third. The S&P 500, by contrast, is up roughly 8% this year, powered by enthusiasm for AI-related technology stocks.

Bitcoin's decline has challenged two narratives that supporters have used to justify the asset: that it serves as a hedge against uncertainty, and that it behaves as a risk-on asset. Gold, tracked by the SPDR Gold Shares ETF (GLD), has been roughly flat in 2026, while the tech-heavy Nasdaq Composite fell more than 2% on June 5 as the rate-hike repricing hit growth stocks.

Some Bitcoin proponents remain undeterred. Strategy Chairman Michael Saylor wrote on X this week that "volatility creates opportunity." But the survey data and on-chain analyst warnings suggest the market is bracing for further downside before any sustained recovery.

This article is for informational purposes only and does not constitute investment advice.