Bitcoin Could Drop Below $60K, Says Galaxy Analyst—Here’s Why

A leading analyst at Galaxy Digital Research has warned that Bitcoin (BTC) is at heightened risk of slipping below the critical psychological support level of $60,000 amidst continued pressure from long-term holders and weakening institutional ETF demand.

The firm notes that the sustained selling pressure, particularly from miners and older wallets that have accumulated during previous cycles, is currently overpowering available market liquidity. While the US spot Bitcoin ETFs drove significant rallies earlier this year, recent trading activity has shown net outflows, signaling a potential exhaustion of the initial institutional buying wave.

Technically, the $63,000 to $65,000 range represents a crucial zone of support. According to the analysis, a definitive break below $62,500 would trigger technical stop-loss selling, accelerating a move toward the next major support cluster. This critical failure would likely see BTC test levels closer to $58,000 to $59,000 before potentially finding a floor. Furthermore, the broader macroeconomic environment—specifically the Federal Reserve’s sustained hawkish stance on interest rates—is dampening risk appetite across all asset classes, placing additional downward pressure on highly volatile assets like Bitcoin. The consensus view suggests that unless new, significant capital inflows materialize from institutional sources, the market faces a period of painful consolidation and potential further downside volatility.

Source: Bitcoin Could Drop Below $60K, Says Galaxy Analyst—Here’s Why