Bitcoin Slides Below $60,000, Hitting Level Not Seen Since October 2024
Market snapshot
Bitcoin fell beneath the $60,000 threshold on Friday, marking the first time the price has been that low since October 2024, just before Donald Trump’s presidential election win the following month.
Zcash suffered a steep 60 % decline over the past two days, underscoring the breadth of the sell‑off across the crypto sector.
The broader cryptocurrency market is described as “suffering,” with multiple assets under pressure.
Source data
“The bitcoin price dipped below the $60,000 mark on Friday, which brought it down to a level not seen since October 2024, before Donald Trump’s U.S. presidential election win the following month. As the whole market suffers, Zcash saw a 60% drop in the last two days.” — Gizmodo, 5 June 2026
Analysis
The breach of the $60,000 psychological barrier invites renewed scrutiny from risk‑averse investors. Historically, Bitcoin’s price has demonstrated heightened volatility around major political events, and the reference point of the 2024 election suggests a possible market memory effect. A descent to a pre‑election low could signal:
Reduced risk appetite among institutional players who may be reallocating capital to safer assets amid lingering macro‑economic uncertainty.
Technical downside pressure, as key support levels around $60,000 are now tested, potentially inviting further short‑term selling.
Correlation spillover, highlighted by Zcash’s 60 % tumble, indicating that stress is not confined to Bitcoin alone but is affecting altcoins as well.
Investors should monitor upcoming macro data releases — particularly U.S. inflation and Federal Reserve policy statements — as these could either reinforce the current bearish tilt or provide a catalyst for a reversal.
Implications for investors
Portfolio risk management: Consider tightening stop‑loss orders on crypto exposures and reassessing position sizes.
Diversification: The concurrent weakness across Bitcoin and Zcash suggests that diversification into non‑crypto assets may mitigate portfolio volatility.
Liquidity focus: With market depth thinning, larger trades may experience slippage; using limit orders can help control execution prices.
Source: Gizmodo, “Bitcoin Price Hits Lowest Level Since Before Trump’s 2024 Election Win,” published 5 June 2026.