Bitcoin and stocks hit lowest levels since October 2024
June 5, 2026
Bitcoin experienced a significant drop below the $60,000 mark, marking its lowest level since October 2024. The price briefly dipped to $59,743 before bouncing back to around $60,834. This downward movement intensified bearish momentum, but the appearance of buyers near the lows helped push the price back above $60,000. While this rebound is positive, the technical damage caused by reaching a multi-month low still lingers.
For Bitcoin to improve its technical outlook, it would need to surpass the key resistance level near $65,000, which acted as a significant support level on March 28. Achieving this would shift control back to buyers in the short term. On another note, Michael Saylor’s company, Strategy (formerly Microstrategy), which serves as an equity proxy for bitcoin, is currently testing a support range between $116.49 and $101.39. The price of Strategy hit a low of $115.87 and is currently trading at $118.53, down by 8.4% on the day. A move below this support area would exacerbate the bearish technical picture, while moving above the 100-hour moving average at $148.50 would indicate a shift in sentiment towards the buyers.
In the stock market, despite the decline in oil prices, stocks continue to plummet. The NASDAQ index is down by 2.66% while the S&P index has dropped by 1.64%. The NASDAQ is approaching a critical support cluster on the hourly chart around the 26,048 level, which coincides with the 200-hour moving average, the 38.2% retracement level from the April 22/23 lows, and a swing level. Breaking below this level could lead traders to target the 50% midpoint and swing level near 25,694.60.
In conclusion, Bitcoin’s recent drop below $60,000 to its lowest level in over a year points to increased bearish sentiment in the market. While buyers have attempted to push the price back up, the technical damage caused by this move remains a concern. For a potential reversal, Bitcoin would need to surpass the key resistance level near $65,000. In the stock market, the NASDAQ and S&P indices are also facing significant downward pressure, reflecting a broader bearish trend in the financial markets.
