Bitcoin ($BTC) has dropped over 8% from its June high near $67,255, putting the $60,000 support level back in focus.
$BTC/USD daily chart. Source: TradingView
Key takeaways:
- The SpaceX-led tech market rout is pushing Bitcoin price toward the $60,000 support.
- A decisive breakdown below $60,000 may lead the price toward $56,000 or under.
SpaceX Rout Adds Pressure To Bitcoin’s $60K Support
Bitcoin is getting close to retesting $60,000 as SpaceX’s post-IPO rout erases over $600 billion in market value and shakes risk appetite across speculative assets.
The Elon Musk-led company priced its record IPO at $135 per share earlier in June, raising $75 billion at an implied valuation of about $1.77 trillion, based on 13.08 billion shares outstanding.
Investor demand was strong after the listing. SpaceX shares opened near $150 and later climbed to a post-IPO peak of $211.39 on June 16, pushing its implied market capitalization to nearly $2.8 trillion.
SPCX hourly performance chart. Source: TradingView
Shares have dropped roughly 27% from their peak, pulling the stock back toward $150 and erasing much of the debut rally.
The SpaceX rout is part of a wider tech sell-off. Nasdaq 100 futures fell more than 3% on Tuesday, putting the index on track to erase over $1 trillion in market value. Chip stocks also dropped sharply, with Intel, AMD, Micron and SanDisk leading the decline.
Nasdaq 100 daily performance chart. Source: TradingView
Bitcoin typically trades like a liquidity-sensitive risk asset during market stress. When investors cut exposure to expensive tech and speculative growth names, crypto usually faces similar selling pressure.
In a Tuesday post, analyst Nehal said there’s a high probability of Bitcoin falling under $60,000 if it breaks below $62,200, adding:
“For now, it’s still a range game. Real breakout signals come above $65.7K or below $59K.”
Bitcoin head-and-shoulders pattern sets $56,000 target
Bitcoin’s four-hour chart shows a potential head-and-shoulders pattern, adding technical pressure to the ongoing sell-off.
The left shoulder formed near $64,500, followed by a higher peak near $67,000 that created the head. $BTC then failed to reclaim that high, forming a lower right shoulder near $65,000 before turning lower again.
$BTC/USD four-hour chart. Source: TradingView
The pattern’s neckline sits around the $61,000–$62,000 area, close to Bitcoin’s current support zone. A decisive four-hour close below that range would confirm the bearish setup and increase the risk of a deeper decline.
The measured downside target sits near $55,000–$56,000, based on the distance between the head and the neckline. Multiple $BTC analyses in the past have presented similar downside price targets.
Nevertheless, $BTC’s bullish structure remains active as long as it holds above $60,000, with the possibility of returning above $81,000 over the next few months.
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