Bitcoin briefly dipped below the critical threshold of $60K on Binance today (5), marking the first time since October 2024 that the leading crypto has broken this level.
The move comes amid a widespread sell-off of risk assets in the financial markets, as investors react to strong U.S. labor market data, persistent fund outflows, and rising concerns about liquidity.
Bitcoin loses key support as market pressure ramps up
Bitcoin slipped to a low below $60k during Friday's trading, breaking a psychological support that had been held throughout 2026.
The drop brought BTC down to $59,750 on Coinbase and $59,799 on Binance against the dollar. When priced in USDT, the coin hit $59,786 on Binance at the time of this report.
This retracement marks the first confirmed move below $60k since October 10, 2024, when BTC hit a low near $58,863 before bouncing back.
The drop has brought Bitcoin into a relevant technical zone that many investors have been watching for months, reigniting the debate on whether the market is experiencing a temporary sentiment shock or a deeper correction.
This tough stretch for digital assets has seen Bitcoin lose over 17% in the past week, while the broader crypto market also faced significant selling pressure.
Market participants point to a combination of macroeconomic factors and sector-specific issues to explain the movement.
A stronger-than-expected U.S. jobs report reduced short-term rate cut expectations, causing investors to pull back from risk assets.
Billions are flowing out of crypto investment products.
Recent data from CoinShares illustrates the magnitude of this movement. The manager reported that digital asset investment products had approximately $5.8 billion in outflows over the last four weeks.
The market mood has turned sharply.
Digital asset investment products have seen $5.8B of outflows over the past four weeks, driven by geopolitics, rates repricing, and AI pulling liquidity elsewhere.
But this looks more like a sentiment shock than a structural break.
More in… pic.twitter.com/fldgPXfmFl
— CoinShares (@CoinSharesCo) June 5, 2026
According to CoinShares, these withdrawals were driven by geopolitical uncertainties, shifts in interest rate expectations, and a redirection of capital towards AI-related investments.
… The sentiment has shifted dramatically in the past month… the asset class remains close to stability in 2026. This is a sentiment shock,” CoinShares stated, emphasizing that the conditions reflect a shock driven by agent sentiment rather than a structural break in crypto fundamentals.
Investors are watching to see if $60k becomes resistance.
Bitcoin dipping below $60k is significant because this level served as a major psychological reference throughout this market cycle.
Previous tests in the region in February 2026 held support, contributing to price stabilization.
Experts are now monitoring whether Bitcoin can quickly reclaim the level or if this range will turn into a resistance zone over the weekend.
What's next for Bitcoin?
Attention should remain focused on macroeconomic data, Federal Reserve expectations, and institutional flows.
The market is also watching whether digital asset investment products will continue to see outflows or start attracting new inflows.
The loss of the $60k support by Bitcoin represents one of the major events in the market in 2026, reigniting focus on a critical range as participants assess the next moves in the cycle.
The article 'Bitcoin falls below $60k on Binance and Coinbase for the first time since 2024' was seen first on BeInCrypto Brasil.