Bitcoin Loses $59K Support While MSTR Sinks

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In what appears to be a repeat of yesterday’s developments, bitcoin’s price has headed south once again, but this time it even plunged below $59,000 for the first time in nearly two years.

With no other major catalysts known at the moment, all roads seem to be leading today to Michael Saylor’s Strategy and the FUD around it.

As reported yesterday, Strategy’s main stock, MSTR, plummeted by 10% to a then-two-year low of $93. Bitcoin reacted with a similar decline to $59,050, but managed to rebound and even jumped to almost $62,000 earlier today.

This became another dead-cat bounce, though. The bears stepped up once again in the past 30 minutes or so, driving the cryptocurrency to its lowest position since before the US presidential elections in late 2024 at $58,000.

Although the asset has found support for now at this point, the overall landscape remains highly bearish, with BTC dumping by well over $20,000 in six weeks.

Our team consists of experienced market analysts and dedicated crypto traders who closely monitor market trends, price action, and trading opportunities around the clock.

Using advanced trading strategies and in-depth market research, we strive to identify high-quality setups across the cryptocurrency market.

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