Bitcoin is threatening to touch the lowest levels since Donald Trump’s November 2024 election.

It’s down 4.5% to $60,732 today and is threatening the February spike low.

A break of $60,000 would be the first time below it since September 2024.

Despite everything Trump has done for crypto, bitcoin is now down 12% from the day before the 2024 election. It’s also flat compared to the November 2021 peak, and down 53% from the October 2025 record high of $128K.

Earlier this week, a prior analysis noted how bitcoin has lost its cool. Last week alone there were approximately $1.67 billion of crypto fund outflows — the second-worst week of 2026. Bitcoin funds accounted for a record ~$1.44 billion of that, and this was despite a good week in risk assets overall.

As noted then:

The main problem from a price-action perspective is that bitcoin isn’t participating in one of the greatest bull markets of all time. So what will happen when the tide goes out on stocks and AI?

We’re getting a taste of that today.

The money that used to flow into crypto is now flowing into AI investments. It’s a simple matter of money chasing returns. The AI names have made incredible gains in the past year while bitcoin has slumped badly.

Today, it’s even worse further down the stack, with ethereum down 8.7%.

Crypto was further hurt this week by the US Treasury announcing it had confiscated $1 billion in Iranian crypto. It’s not clear what that was or how it was stored, but it serves as a reminder that one of the main use cases of crypto — avoiding governments — isn’t exactly working out.

Eyes are also on Michael Saylor at Strategy, who was forced to sell some bitcoin this week to meet preferred share redemptions. He holds $64 billion in bitcoin at an average purchase price of $75,700. At $60,700, he’s down nearly 20%, representing a loss of approximately $12.6 billion.

Technical Picture

Bitcoin needs to make a stand at $60,000 because if we see a five-handle, some of the old, strong hands in bitcoin could begin to reconsider their positions. There is a large, though messy, head-and-shoulders pattern visible on the chart.