Top 4 Reasons Why Bitcoin Price Will Crash to $60k This Week

Bitcoin price dropped on Monday after renewed selling pressure sent the market to its lowest level since early February. The BTC fell to around $65,000 after a steep drop of 5%, a continuation of a one-month pullback of close to 25%. Bitcoin was unable to sustain over $70,000, and its inability to recover made traders even more cautious.

Let’s uncover the top reasons why the Bitcoin price may hit $60k this week.

Tariff Shock Triggers Market Anxiety

Bitcoin dropped after President Donald Trump announced a global tariff hike. The rate will rise from 10% to 15% following a recent Supreme Court ruling. The announcement further strained an already weak market.  

Uncertainty increased as traders moved to risk-off mode. The sharp fall led to massive liquidations in major exchanges. The positions worth over $461 million were lost in hours.

Approximately 134,764 traders were impacted, with a majority of the losses contributed by long positions. Over $193 million in liquidations were experienced in Bitcoin alone. The biggest individual liquidation was $61.5 million on HTX.

Massive Exchange Selling Intensifies Downtrend

A wave of institutional-level selling, which suddenly followed, instilled panic in the possibility of coordinated pressure. Statistics showed that significant players sold over 4.5 billion of Bitcoin in about 35 minutes. Binance reportedly sold 53,875 BTC.

Wintermute unloaded 40,715 BTC. Coinbase followed with 18,594 BTC. Further massive sales were made through an alleged Trump-associated wallet and BlackRock. The sharp movement contributed to the anxiety about market manipulation and increased bearishness.

Fear and Greed Index Signals Extreme Fear

Market confidence weakened sharply as the Crypto Fear and Greed Index fell to 5. The decline placed the market in Extreme Fear territory once again.

Bitcoin and Ethereum ETFs also experienced continued outflows among investors. The products posted over $10 billion in withdrawals within four months. Bitcoin funds experienced redemptions of 7.17 billion, and Ethereum products were redemed to lose 2.84 billion.

Broad Crypto Market Decline Adds Pressure

The wider cryptocurrency market fell 3.22% in 24 hours. The total market capitalization decreased to 2.26 trillion.

Bitcoin fell almost 5%, reversing its recent gains. Other major altcoins such as Ethereum, XRP, BNB, Solana, Dogecoin, and Cardano also fell by between 3-6%. The general decline solidified the expectations that Bitcoin might reach the $60,000 mark in the near future as the pressure to sell continues.

Will Bitcoin Price Dip Below $60k Soon?

As of the reporting, the BTC price crashed to $65,800. Bitcoin slipped after losing support near $66,000

The MACD lines intersected beneath and indicated weakening momentum. The histogram also shifted to the negative side.

The RSI was slightly bounced off oversold conditions. The reading remains on the lower side of the neutral.

If the Bitcoin long-term prediction stays under $66,000, bears may push toward $63,000. A deeper slide could retest $60,000. A break below it may trigger wider panic. 

Nonetheless, a recovery of over $67,000 may pave the way to $69,000. Any further confirmation of renewed bullish confidence would come after a close of above $70,000.