- BTC briefly touches $60,000
- Down ~22% for week, ~50% from peak
- "Digital gold" narrative contradicted
- $2.6B liquidated, ETFs now – net sellers
Bitcoin faced a severe downturn on Thursday, as its value plunged beneath the $65,000 threshold, briefly touching $60,000 in late trading.
This sharp decline contributes to a weekly loss of approximately 22.2% and places the digital asset roughly 50% below its record high near $125,700 from early October, undermining its foundational promise as a revolutionary store of value.
Once promoted as "digital gold" and a reliable hedge against market instability, Bitcoin's recent performance contradicts these claims. It has increasingly mirrored the volatility of risk-sensitive investments such as technology equities, especially amid current global tensions, rather than providing a shelter for capital.
From a technical perspective, the deterioration is significant. Bitcoin has decisively broken through the crucial $70,000 support level and now trades substantially below its 365-day MA, signaling a strong bearish trend.
This downward momentum is further fueled by forced liquidations, which have erased over $2.6 billion in leveraged positions, and a notable shift in institutional behavior. U.S. spot Bitcoin ETFs, which were consistent net accumulators throughout the previous year, have turned into net sellers in 2026.
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