Bitcoin slides toward $60,000, heading for the worst daily decline since the FTX crash.

Bitcoin Falls Toward $60,000 as Market Selloff Intensifies

Bitcoin (BTC) tumbled to around $63,000 on Thursday amid a broad crypto selloff, marking its lowest level since October 2024 and a 50% drop from its $126,000 record high in early October. Over the past 24 hours, BTC is down more than 10%, on track for its steepest one-day decline since Nov. 8, 2022, when the FTX collapse sent it below $16,000.

Analysts point to the 200-day moving average, around $58,000–$60,000, as a key support level. This range aligns with bitcoin’s “realized price,” the average cost basis of all holders, which could provide long-term support.

The selloff has rippled across markets. Silver dropped 14%, now nearly 40% below last week’s peak, while gold slipped 2% to $4,850. Software stocks also fell, with the iShares Expanded Tech-Software ETF (IGV) down over 3%, and major crypto stocks including Coinbase (COIN), Galaxy Digital (GLXY), MicroStrategy (MSTR), and BitMine (BMNR) dropped more than 10%.

“Thin liquidity is magnifying the moves,” said Adrian Fritz, chief investment strategist at 21Shares. “Even small sell pressure can trigger cascading liquidations. There’s no confirmed bottom yet.”

XRP lagged most large-cap tokens, plunging 19% amid limited technical support, according to Fritz.