#加密市场观察 Bitcoin could drop to $60,000!

After experiencing an epic plunge in precious metals last weekend, global market sentiment has somewhat recovered. Gold and silver prices rebounded on Tuesday, but Bitcoin, which also fell sharply along with gold and silver, remains in a downward trend. As of press time, Bitcoin is trading around $75,700, down over 3% in the past 24 hours, nearly erasing all gains since early November last year when Trump won the U.S. presidential election.

FalconX senior derivatives trader Bohan Jiang told the media that many traders are trying to buy the dip, betting that Bitcoin will rebound above $80,000. However, as Bitcoin’s price declines, many leveraged positions are being liquidated, adding further pressure on the price.
Rob Hadick, general partner at Dragonfly Capital, added that besides the liquidation pressure in the digital asset market, uncertainty surrounding U.S. lawmakers’ efforts to provide legislative protections for the cryptocurrency industry has heightened investor anxiety.

Drop to $60,000?
Despite the White House’s supportive stance on cryptocurrencies and increasing institutional adoption, Bitcoin has plummeted about 40% since reaching a record high in early October last year. The cause of the crash was a massive liquidation on October 10, related to aggressive comments by Trump on tariffs. That liquidation caused cryptocurrency investors to lose $19 billion, and the market has yet to fully recover.
For Bitcoin, the cryptocurrency derivatives market shows signs of further weakness. According to data from the Chicago Mercantile Exchange and Coinglass, open interest in crypto futures contracts dropped significantly over the weekend. Perpetual contracts, which account for most digital asset trading volume, have turned negative in funding rates, indicating increased demand for bearish bets.
Galaxy Digital’s research head Alex Thorn predicts that Bitcoin’s downward trend could accelerate further, pushing the price below $60,000 per coin. Its failure to hedge currency devaluation during the surge in gold prices, along with a lack of recent catalysts, are reasons why Bitcoin continues to decline.