Bitcoin avoids $60,000 breakdown, still down over 50% from record high

Bitcoin rebounded modestly on February 6 after narrowly avoiding a fall below the crucial $60,000 level, though market commentators cautioned that further downside risks remain. 

On February 5, the world’s largest cryptocurrency slipped below $61,000 and hovered just above the $60,000 mark, triggering renewed concerns over the depth of the ongoing sell-off. By 7:50 a.m. ET today, Bitcoin had recovered slightly, trading at $66,326.78. 

The latest decline is part of a broader bitcoin bear market that began after the cryptocurrency hit a record high above $126,000 in October. Since then, risk sentiment has deteriorated sharply across global markets. 

Bitcoin’s sell-off has coincided with continued weakness in US technology stocks, with the digital asset often showing a strong correlation with risk-heavy assets. As tech shares slid, cryptocurrencies also came under pressure. Volatility in traditional safe havens such as gold and silver has further added to the turmoil, unsettling investors across asset classes. 

The wider cryptocurrency market has been hit hard as turbulence driven by a global sell-off in technology stocks deepened and wiped out risky bets. Bitcoin, the oldest crypto token, tumbled close to a 16-month low in the last 24 hours. According to CoinMarketCap data, Bitcoin fell more than 16.33 per cent to $60,074.20 on Friday, down from a recent peak of $71,802.46. From its all-time high of $126,198.07 reached about four months ago, Bitcoin has lost over 52 per cent of its value. 

However, Bitcoin later traded closer to $65,000 around 10 a.m. IST on Friday. Despite the partial recovery, its total market capitalisation fell nearly 9 per cent to about $1.3 trillion. Trading volumes surged more than 90 per cent, with bitcoins worth roughly $143 billion changing hands in the past 24 hours. Bitcoin’s dominance in the overall crypto market stands near 58 per cent. 

The latest meltdown marks the weakest stretch since October 2024, a month before Donald Trump won the U.S. presidential election after signalling support for cryptocurrencies on the campaign trail. Losses were not limited to Bitcoin, as other major tokens including Ethereum, BNB, Solana, XRP, Dogecoin, Cardano and Bitcoin Cash slid between 9 and 13 per cent as of Friday, February 6. 

Overall, the total market capitalisation of the cryptocurrency market has dropped sharply to $2.22 trillion, erasing more than $2 trillion from its peak of around $4.39 trillion in October 2025. More than $1 trillion has been wiped out in just the past month, with sentiment further dented by heightened volatility in precious metals and equities.