Bitcoin fell below $59,000 amid a broad sell-off in the crypto market. Pressure on digital assets intensified as investors moved away from risk.
According to The Block, the largest cryptocurrency briefly dropped to around $58,200 earlier on Thursday before recovering to $59,800. Ethereum fell 5.5% over the past 24 hours to $1,550, while XRP lost 4.7% and traded near $1.03.
Asian stock markets also saw sharp declines on Friday morning. South Korea’s Kospi index fell more than 8%, triggering a circuit breaker. Japan’s Nikkei 225 declined 4.9%, while Hong Kong’s Hang Seng lost 2.3%.
What is pressuring Bitcoin
Presto Research research associate Min Jung said bitcoin is currently moving in sync with stock markets and came under pressure during the Asian session as risk assets sold off.
“The key question now is whether BTC can quickly reclaim $60,000. If $60,000 turns into resistance, traders will likely focus on the $54,000–$56,000 structural support zone,” said Jeff Ko, chief analyst at CoinEx.
Andri Fauzan Adziima, research lead at Bitrue Research Institute, expressed a similar view. According to him, market participants are watching whether BTC can hold the key support zone around $58,000–$59,000, whether ETF flow dynamics will shift, and how the macroeconomic narrative around expectations for future rate cuts will develop. He added that volatility will remain elevated until clearer catalysts emerge.
Meanwhile, U.S. spot bitcoin ETFs recorded $696.3 million in net outflows on Thursday. This marked the largest daily outflow since May 27 and extended the withdrawal streak to six consecutive trading days, according to SoSoValue data.
“Focus also remains on spot ETF flows, derivatives positioning, and the July 2 U.S. jobless claims report,” said Zeus Research analyst Dominick John.
The U.S. Personal Consumption Expenditures price index rose 4.1% year over year in May, while the core PCE index increased 3.4%. According to Reuters, this dynamic keeps the possibility of a Federal Reserve interest rate hike this year on the table.
Declining dependence
Bitcoin’s dependence on the stock market in recent years no longer looks as direct as it once did. During periods of acute stress, investors still sell BTC along with stocks and other risk assets. However, in calmer phases, the leading cryptocurrency increasingly reacts to its own drivers. These include inflows and outflows from spot ETFs, the activity of long-term holders, the supply dynamics on exchanges, the halving, and expectations of institutional demand.
This does not mean that bitcoin has fully decoupled from global markets. High interest rates, a strong dollar, and weaker risk appetite can still weigh on the price. However, BTC is gradually forming a more independent market logic: it is increasingly being assessed not only as a speculative technology asset but also as a separate asset class with limited issuance, its own infrastructure, and growing participation from major investors.
Earlier, bitcoin had already tested a move below $60,000 but managed to recover.
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