Bitcoin is threatening to touch the lowest levels since Donald Trump's November 2024 election.
It's down 4.5% to $60,732 today and is threatening the February spike low.
A break of $60,000 would be the first time below it since September 2024.
Despite everything Trump has done for crypto, bitcoin is now down 12% from the day before the 2024 election. It's also flat compared to the November 2021 peak. It's also down 53% from the October 2025 record high of $128K.
I wrote earlier this week about how bitcoin has lost its cool. Last week alone there were approximately $1.67 billion of crypto fund outflows, the second-worst week of 2026, Bitcoin funds did a record ~$1.44 billion of that and that was despite a good week in risk assets overall.
I wrote:
The main problem from a price-action perspective is that bitcoin isn't participating in one of the greatest bull markets of all time. So what will happen when the tide goes out on stocks and AI?
We're getting a taste of that today.
The money that used to flow into crypto is now flowing into AI investments. It's a simple matter of money chasing returns. The AI names have made incredible gains in the past year while bitcoin has slumped badly.
Today, it's even worse down the stack with ethereum down 8.7%.
Crypto was further hurt this week by the US Treasury bragging that it had confiscated $1 billion in Iranian crypto. It's not clear what that was or how it was stored but it's a reminder that one of the main use cases of crypto -- avoiding governments -- isn't exactly working out.
Eyes are also on Michael Saylor at Strategy who was forced to sell some bitcoin this week to meet preferred share redemptions. He holds $64 billion in bitcoin at an average price of $75,700. At $60,7000, he's down nearly 20% or a loss of $12.6 billion.
In terms of technicals, bitcoin needs to make a stand at $60,000 because if we see a 5-handle, some of the old, strong hands in bitcoin could begin to reconsider. There is a huge (though messy) head-and-shoulders pattern on the chart.
