The cryptocurrency market suffered a massive selloff on June 5, 2026, as Bitcoin plunged below the psychologically critical $60,000 level for the first time since October 2024. The 24-hour decline of 5.5% pushed BTC to an intraday low of $59,743, wiping out gains that had held since the breakout in March 2024. Across the week, Bitcoin lost 18%—the steepest single-week percentage drop since the FTX collapse in November 2022, when it shed 34%.
The crash triggered a cascade of liquidations totaling $1.5 billion in derivatives positions within 24 hours. The move was not isolated to crypto: a stronger-than-expected US jobs report (172,000 new positions vs. 85,000 forecast) failed to lift markets, with the S&P 500 tumbling 1.7%, Nasdaq Composite, NYSE Composite, and Dow Jones Industrial Average all recording sharp declines. This broad risk-off sentiment deepened crypto losses far more severely than equities.
From a technical perspective, Bitcoin now sits barely above the 0.618 Fibonacci retracement level at $57,904, a crucial support that historically preserves long-term uptrends. The weekly RSI plunged to 32.07—its lowest since the 2022 bear market lows—yet has not reached the extremely oversold readings seen during the FTX floor, leaving room for further downside. The weekly candle has not yet closed, meaning Bitcoin still has a chance to reclaim $60,000 and save the structure. A weekly close below that mark would confirm the first sustained breakdown beneath $60,000 since the March 2024 ETF-driven rally, a scenario not seen even in the February 2026 correction.
Altcoins suffered in sync: Ethereum dropped 9.81% on the week to trade below $1,600 for the first time since the 2023 lows. Solana fell 6.39% to $64.87, Dogecoin lost 7.64% to $0.08224, XRP declined 4.64% to $1.11, BNB shed 4.53% to $577, and Stellar collapsed 9.90% to $0.1861. Hyperliquid led the weekly losses at -13.58% to $58.60, while TRON showed relative resilience with only a 3.10% decline. The systemic nature of the selloff underscores a market-wide flight from risk, with no immediate stabilization in sight.
