Bitcoin fell to an intraday low of about $59,100 on June 5, 2026, dropping below $60,000 for the second time this year and capping the worst week of 2026 for crypto.
What's behind the drop
- Shifting rate expectations: June's sell-off was driven primarily by changing expectations for U.S. monetary policy.
- Rotation into equities: investors continued to favour AI-linked stocks over crypto.
- Volatility spike: front-end implied volatility jumped from the low-30% range in late May to the mid-to-high 40s, with one-week at-the-money vol briefly approaching 60%.
The April rally unwinds
The move erased much of April's rebound and pushed bitcoin back to levels last seen during the February capitulation. Unlike February, however, there was no single crypto-specific shock; the selling looked like a macro-led deleveraging rather than a breakdown in crypto fundamentals.
Traders are now watching whether the February low near $60,000 can act as support, and whether spot ETF flows — which have turned negative — stabilise.
