Bitcoin Falls Below $60,000 as Multiple Market Pressures Hit Crypto

Bitcoin’s recent drop below $60,000 has left investors looking for answers, but NYDIG Head of Research Greg Cipolaro believes there is no single reason behind the weakness. Instead, several developments have combined to put pressure on btc.

According to Blockto crypto price page, bitcoin rose 3% to $63,068 in the past 24 hours.

According to Cipolaro, the growing popularity of artificial intelligence investments is drawing capital away from crypto markets. He noted that AI and crypto often attract the same group of investors looking for high-growth opportunities, making the two sectors competitors for investment dollars.

AI Growth, IPO Expectations and Market Concerns Weigh on Bitcoin

Cipolaro also pointed to expectations of a major technology IPO cycle. Companies including SpaceX, OpenAI and Anthropic are widely expected to pursue public listings in the future. Large investors often raise cash ahead of major IPOs, which can temporarily reduce demand for assets such as bitcoin.

Additional pressure came from U.S. Treasury Secretary Scott Bessent’s statement that authorities seized roughly $1 billion in Iranian-linked crypto assets. Concerns about advances in quantum computing and its potential impact on cryptographic security have also resurfaced.

On-Chain Data Signals Possible Market Bottom

Another factor was Strategy’s sale of 32 BTC worth around $2.5 million. While small in size, the move carried psychological weight because the company has long been one of bitcoin’s most consistent buyers.

Despite the decline, Cipolaro noted that some on-chain indicators are approaching levels historically linked to market bottoms. Bitcoin’s MVRV ratio has fallen to 1.2, while supply held in profit recently dropped below 50%. However, bitcoin is down about 53% from its $126,000 peak, far less than the 75% to 90% declines seen in previous bear markets. He said the key question is whether institutional adoption has changed bitcoin’s market cycle or simply delayed a deeper correction.