Bitcoin Reaches 20-Month Low, Rebounds From Sub-$60K Dip, Altcoins Stay Largely Red

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The crypto market hasn’t really moved over the last day, but it still managed to see Bitcoin dip below $60,000. That said, it’s managed to hold onto this level, at least for now. The majority of altcoins are red at the time of writing (Thursday, 13:15 UTC). The biggest factors influencing the market at the moment are the ETF flows and the US Federal Reserve decisions.

Bitcoin briefly hits a 20-month low

Bitcoin decreased by 1.4% over the past 24 hours, standing at $61,221 at the time of writing, following $1B in liquidations. It’s been quite a choppy trading day for the world’s number one coin, at one point falling to $59,175. This was its lowest point since late September 2024.

The coin’s intraday high was $62,078. It’s also down 51.4% from its all-time high of $126,080.

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With this, BTC failed to reclaim the key support level of $62,200. Commenters also note that a large liquidity cluster currently sits near $60,000–$59,000. Overall, the risk is rising that market flow could be pulled toward those liquidity zones, which could intensify the ongoing downside should the selling continue.

Moreover, the MicroStrategy stock dropped below $100, causing its market cap to fall below the value of its Bitcoin holdings. This has raised fears of potential selling pressure.

Overall, the BTC and ETH spot ETFs persist in the red zone, while investors and traders alike are waiting for fresh economic data from the US.

Altcoins drift within the red zone

The global crypto market cap currently stands at $2.19 trillion, down by 0.4% since this time yesterday, meaning that it has barely changed over the past day.

Looking at the top 10 coins, we find all but one in red. That one red coin is Hyperliquid (HYPE), which increased by 3.5% to $62.92. Ethereum (ETH) is the category’s highest decrease, having fallen 1.6%, now trading at $1,631. It’s followed by BTC.

While BNB is down 1%, the rest of the list decreased by less than 1% per coin.

Of the top 100 coins by market cap, two have appreciated by more than 10% in 24 hours: Stable (STABLE) with 12% to $0.03772 and Aave (AAVE) with 10% to $82.84.

At the same time, 75 of the 100 coins are red. MemeCore (M) fell a whopping 73% to $0.7719, followed by Pepe (PEPE)’s 5.4% fall to the price of $0.00002471.