Bitcoin Slides Toward $60,000 as Crypto and Markets Face Broad Selloff
Bitcoin (BTC) dropped sharply on Thursday, falling to around $63,000 in early U.S. trading as this week’s crypto selloff intensified. The cryptocurrency is now down more than 10% over 24 hours, its lowest level since October 2024 and roughly 50% below its record high of $126,000 reached in early October.
If the decline continues, Feb. 5 could mark one of bitcoin’s steepest single-day losses. BTC is on pace for a 10.5% drop — its largest one-day drawdown since Nov. 8, 2022, when the collapse of FTX sent prices below $16,000 in a 14.3% selloff.
Analysts are eyeing key support levels. The 200-day moving average, currently around $58,000–$60,000, may provide a floor. That range also aligns with bitcoin’s “realized price,” the average cost basis of holders, which could act as strong, multi-year support if prices continue to slide.
The selloff extended beyond crypto. Silver plunged 14%, now nearly 40% below last week’s highs, while gold fell more than 2% to $4,850, about 15% below recent peaks. Software stocks, which often track bitcoin’s movements, declined, with the iShares Expanded Tech-Software ETF (IGV) down over 3% and 24% year-to-date. The S&P 500 and Nasdaq fell roughly 1%.
Crypto-focused equities suffered as well. Coinbase (COIN), Galaxy Digital (GLXY), MicroStrategy (MSTR), and BitMine (BMNR) each dropped more than 10%, while miners including Bitfarms (BITF), CleanSpark (CLSK), Hut 8 (HUT), and Marathon Digital (MARA) saw similar losses.
“Thin liquidity is amplifying moves,” said Adrian Fritz, chief investment strategist at 21Shares. “Even minor sell pressure can trigger large liquidations in this environment.” He added that there’s no confirmed market bottom yet, warning investors to watch the 200-day moving average as a key support level.
XRP underperformed most major tokens, plunging 19% over the same 24 hours. Fritz noted that while no specific catalyst drove the drop, “technically, there aren’t many support levels for XRP,” leaving it especially vulnerable.
