Bitcoin fell below $60,000 per token, extending its bear-market decline. The cryptocurrency has struggled to establish a sustained recovery and remains more than 50% below its October all-time high. Heavy selling by long-term holders may signal that a late-cycle capitulation phase is approaching, according to Compass Point analyst Ed Engel. Investor sentiment has also been pressured by spot ETF outflows and a shift in capital toward AI-related investments, while Deutsche Bank strategist Marion Laboure cited a hawkish Fed outlook and record institutional ETF outflows. Bitcoin is down roughly 28% year to date and briefly touched $60,000 in early June, its lowest level since late 2024.