Bitcoin slid to its lowest level of 2026 on Thursday, touching $58,035 on Bitstamp at 9:55 a.m. Eastern time. Over the past 24 hours, $40 billion has been erased from total crypto market capitalization, pushing it close to falling below the $2 trillion mark. The move underscored broad risk-off sentiment across digital assets.

Bitcoin slipped below the $60,000 mark on June 25 as spot ETF outflows and leveraged liquidations added to selling pressure across crypto markets. BTC fell to around $59,400 after briefly hitting an intraday low near $58,000, dragging major tokens including Ethereum, Solana, XRP and BNB lower. More than $1.48 billion in crypto positions were liquidated over the past 24 hours, underscoring the scale of the move.

Bitcoin slipped under $59,000, falling below that level for the first time since September 2025. The cryptocurrency was trading around $58,900 after a 3.7% drop over the past 24 hours.

The amount of bitcoin currently held at a loss has climbed to a record 10.83 million BTC. The figure suggests a large share of holders are sitting on unrealized losses, underscoring the market’s broader weakness and its impact on investor sentiment.

Bitcoin rebounded after a sharp selloff, even as a fresh wave of regulatory and policy disputes kept crypto markets on edge. Claims around Iran-linked activity involving CoinEx intensified, alongside renewed focus on the Clarity Act and Europe’s MiCA rollout. In the U.S., debate over a potential CBDC flared after President Trump tied a housing bill to a provision limiting Fed issuance.

Bitcoin could slide more quickly if a large cluster of long positions is liquidated just below current levels, one analyst warned. The analyst said more than $1.6 billion in long leverage is concentrated around $58,000. With Bitcoin at $59,175 on Wednesday, that zone was described as close to being triggered.

Bitcoin is approaching a critical juncture as traders focus on a newly established support level near $59,000. Thursday’s U.S. core Personal Consumption Expenditures (PCE) data could provide a major test of how the cryptocurrency holds up under shifting macro conditions. The reading may influence near-term sentiment by showing how bitcoin reacts to economic pressure and uncertainty. Investors and analysts are expected to watch closely for signals on bitcoin’s stability and direction in the weeks ahead.

Bitcoin could face another volatile week as investors watch whether it can hold the $60,000 area. Bitcoin was trading around $62,500 at press time as more traders appeared to be exiting. On the 23rd of June, U.S. spot Bitcoin exchange-traded funds posted an outflow of roughly $113.78 million, their first back-to-back daily outflows. Concerns have also risen as more capital sits on exchanges.