Bitcoin Slides Toward $60,000 as Crypto and Markets See Sharp Selloff

Bitcoin (BTC) fell to around $63,000 on Thursday as a wave of selling hit the crypto market, marking its lowest level since October 2024 and a 50% drop from its record high above $126,000 in early October. The 24-hour decline of more than 10% puts BTC on track for its biggest single-day drop since the FTX collapse on Nov. 8, 2022.

Analysts are watching the 200-day moving average, currently near $58,000–$60,000, as a key support level. This range also corresponds to bitcoin’s “realized price,” the average cost basis of holders, which could serve as a long-term floor.

The selloff extended across markets. Silver dropped 14%, gold fell more than 2% to $4,850, and tech-focused equities, including the iShares Expanded Tech-Software ETF (IGV), lost over 3%. Major crypto stocks, such as Coinbase (COIN), Galaxy Digital (GLXY), MicroStrategy (MSTR), and BitMine (BMNR), also fell more than 10%.

“Thin liquidity is amplifying price swings,” said Adrian Fritz, chief investment strategist at 21Shares. “Even modest selling can trigger cascading liquidations. There’s no confirmed market bottom yet.”

XRP underperformed, plunging 19% over 24 hours, with limited technical support leaving it especially vulnerable, according to Fritz.