Bitcoin Closes Below $60K for First Time Since Sept
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- Bitcoin closed below $60,000 on daily timeframes for the first time since September 2024, with the prior support level now acting as resistance that bulls must reclaim.
- South Korean stock markets triggered circuit-breakers on an 8% crash, extending a tech-led selloff across Asian markets that drove global risk-off sentiment.
- The Kobeissi Letter flagged that many major tech companies are already down more than 50% from their all-time highs, with Coinbase leading at -69% — a divergence "the S&P 500 won't tell you."
- QCP Capital cited inflation as the binding constraint for risk assets, noting core PCE nowcast at 3.30%, headline at 3.82%, and the Fed's 2026 inflation forecast raised from 2.7% to 3.6%.
- The May PCE index recorded its highest year-on-year increase since mid-2023, reinforcing the view that inflation rather than growth is the Fed's primary concern.
- Analyst Michaël Van de Poppe identified the 200-week SMA at $62,243 as the critical reclaim level, noting a potential bullish divergence on Bitcoin's daily chart alongside a relatively muted drop in Strategy's Stretch (STRC) funding vehicle.
Why it matters: The sub-$60K close marks a technical regime shift where former support becomes resistance, and the inflation backdrop — core PCE nowcast 3.30% versus the Fed's 2% target — means the Fed may stay restrictive longer than priced, pressuring both tech equities and Bitcoin simultaneously while the headline S&P 500 masks deep drawdowns in individual tech names.
