Morning Minute: Bitcoin Erases Trump Pump, Falls to $60k

Bitcoin experienced a sharp downturn in Asian and early European trading sessions, plummeting approximately 5% over 24 hours and momentarily touching the psychologically crucial $60,000 mark. The move represents a significant technical correction, effectively erasing the tentative gains recorded earlier this week—gains which many observers had dubbed the ‘Trump Pump,’ citing increased institutional and retail interest following former President Donald Trump’s increasingly favorable stance on the asset class and related campaign initiatives.

After struggling to maintain momentum above $64,000, selling pressure intensified rapidly overnight. The drop below $61,000 triggered automatic liquidations, accelerating the price slide. While political excitement had temporarily buoyed the market, the underlying macro uncertainty appears to be overriding positive sentiment, particularly concerning renewed doubts about the Federal Reserve’s timeline for interest rate cuts.

Analysts note that failure to hold the $60,000 level could signal a deeper short-term correction, potentially targeting major support zones around $58,500. Altcoins followed Bitcoin lower, with Ethereum (ETH) shedding over 6% and major tokens experiencing similar, steep declines, confirming that risk-off sentiment has returned to the digital asset market.

Source: Morning Minute: Bitcoin Erases Trump Pump, Falls to $60k