Fresh Bitcoin Bear Market Low? Signals Line Up as Price Nears $60,000

Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Bitcoin , the first and largest cryptocurrency by market capitalization, hit a new low, tumbling below February's levels. Early that month, Bitcoin dropped as low as $60,062. Advertisement Bitcoin dropped as low as $59,073 on Friday, the lowest since October 2024, with analysts dubbing the price a "fresh Bitcoin bear market low." The drop followed a strong U.S. jobs report that caused markets to price in higher-for-longer interest rates, sending Treasury yields and the dollar up while hammering stocks. HOT Stories 488 Billion Shiba Inu (SHIB) in 24 Hours: Exchange Flows Turn Even More Bearish Where Is XRP Bounce Possible? Is Zcash (ZEC) Too Oversold? Bitcoin (BTC) Risks Slipping to $50,000: Crypto Market Review Bitcoin fell 16% on the week amid a record streak of Bitcoin ETF outflows and a break for Bitcoin from its dominant narratives. Advertisement You Might Also Like Fri, 06/05/2026 - 18:49 Bitcoin Plunges Below $60K for the First Time Since 2024 By Alex Dovbnya Bitcoin reached $61,000 in Asian morning hours Saturday, steadying after a strong U.S. jobs report on Friday triggered a sharp selloff across stocks, bonds and crypto. The largest cryptocurrency was trading around $61,000, down about 1.3% on the day. Fresh Bitcoin bear market low? Julio Moreno , CryptoQuant Head of Research, tweeted "Fresh Bitcoin bear market low" as Bitcoin sees its deepest contraction of the cycle. Advertisement Fresh Bitcoin bear market low. https://t.co/rCLavKDxU3 — Julio Moreno (@jjcmoreno) June 5, 2026 According to CryptoQuant, global Bitcoin demand has reached its worst level this cycle, meaning since the previous bear market, with total demand hitting -501,000 BTC, the deepest contraction of this cycle. It was observed that Bitcoin demand is contracting at a pace comparable to the post-Terra/Luna collapse period. You Might Also Like Thu, 06/04/2026 - 11:30 More Bitcoin Than Satoshi Holds: Supply Dynamics Reveal Key Detail as Price Drops By Tomiwabold Olajide Overall Bitcoin demand (speculative and spot) is down by 501,000 BTC, the fastest monthly decline since May 22, 2022. The picture remains clear if spot demand, which is down -272,000 BTC on a 30-day basis, is considered. This has been negative for almost the entire year thus far. The same is noted for futures demand, which is also down 229,000 BTC. A similar scenario played out in November 2023 and April 2025, with the market now paying close attention, as it is often during these periods of disinterest that opportunities may arise. #Bitcoin #Bitcoin Price