Bitcoin tumbles back to key $60K support level: What’s behind the sell pressure?
Bitcoin fell 3.5% as oil prices jumped on renewed US-Iran conflict and Japan’s bond market showed fresh stress, prompting broader risk-off behavior. Bitcoin also lagged the Nasdaq rebound, suggesting crypto-specific pressure beyond tech weakness. Rising Brent crude to $74 increased inflation fears and reduced expectations for near-term Fed rate cuts, with markets now pricing higher odds of rate hikes by September. Global trade tensions and Japan’s bond yield spike added to contagion worries. Sentiment worsened after Strategy disclosed $216 million in Bitcoin sales outside its main monetization program, raising fears of continued selling to cover dividends and debt obligations. Regulatory pressure also intensified as India’s central bank backed restrictions on crypto exposure. Overall, fading risk appetite, tighter macro conditions, and Strategy-related selling are keeping bears in control, making a retest of $60,000 increasingly likely.
